Royal London Asset Management Ltd. Boosts Stock Position in Core & Main, Inc. $CNM

Royal London Asset Management Ltd. lifted its holdings in Core & Main, Inc. (NYSE:CNM) by 12.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,688,595 shares of the company’s stock after purchasing an additional 632,077 shares during the quarter. Core & Main accounts for approximately 0.6% of Royal London Asset Management Ltd.’s investment portfolio, making the stock its 21st largest position. Royal London Asset Management Ltd.’s holdings in Core & Main were worth $295,636,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CNM. Capital World Investors grew its holdings in shares of Core & Main by 294.9% in the third quarter. Capital World Investors now owns 5,948,134 shares of the company’s stock valued at $320,188,000 after purchasing an additional 4,442,047 shares in the last quarter. Norges Bank purchased a new position in Core & Main during the fourth quarter worth $108,265,000. Holocene Advisors LP purchased a new position in Core & Main during the third quarter worth $100,765,000. Zurich Insurance Group Ltd FI purchased a new position in Core & Main during the third quarter worth $67,284,000. Finally, Schonfeld Strategic Advisors LLC boosted its stake in Core & Main by 286.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company’s stock worth $74,276,000 after buying an additional 1,022,864 shares during the period. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Stock Performance

CNM stock opened at $48.12 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.31 and a quick ratio of 1.51. The business has a 50-day moving average price of $49.79 and a 200 day moving average price of $52.08. The company has a market capitalization of $9.37 billion, a P/E ratio of 20.39, a PEG ratio of 1.80 and a beta of 0.91. Core & Main, Inc. has a 1-year low of $43.96 and a 1-year high of $67.18.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Wednesday, June 10th. The company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.19. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. Core & Main had a return on equity of 26.17% and a net margin of 5.87%.The firm’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share. As a group, equities research analysts forecast that Core & Main, Inc. will post 3.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CNM has been the subject of a number of recent analyst reports. The Goldman Sachs Group reissued a “neutral” rating and set a $24.00 target price on shares of Core & Main in a research note on Thursday. Citigroup lowered their target price on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a research note on Thursday. Barclays lowered their target price on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Wednesday, March 25th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.73.

Insider Activity

In other news, Director James D. Hope acquired 1,972 shares of the firm’s stock in a transaction that occurred on Tuesday, April 7th. The stock was purchased at an average cost of $50.70 per share, for a total transaction of $99,980.40. Following the completion of the acquisition, the director directly owned 6,939 shares of the company’s stock, valued at $351,807.30. The trade was a 39.70% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Robyn L. Bradbury sold 5,000 shares of the business’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $52.54, for a total transaction of $262,700.00. Following the completion of the transaction, the chief financial officer owned 12,500 shares of the company’s stock, valued at $656,750. This represents a 28.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.51% of the company’s stock.

About Core & Main

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.