Washington Capital Management Inc. Buys 2,500 Shares of Core & Main, Inc. (NYSE:CNM)

Washington Capital Management Inc. raised its stake in Core & Main, Inc. (NYSE:CNM) by 32.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,300 shares of the company’s stock after purchasing an additional 2,500 shares during the quarter. Washington Capital Management Inc.’s holdings in Core & Main were worth $524,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Hsbc Holdings PLC acquired a new stake in shares of Core & Main in the 2nd quarter valued at approximately $243,000. Truist Financial Corp lifted its stake in Core & Main by 1,103.3% in the second quarter. Truist Financial Corp now owns 495,199 shares of the company’s stock valued at $24,235,000 after acquiring an additional 454,046 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its position in shares of Core & Main by 3.6% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 54,800 shares of the company’s stock valued at $2,682,000 after acquiring an additional 1,900 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of Core & Main during the 2nd quarter worth about $840,000. Finally, Handelsbanken Fonder AB raised its holdings in shares of Core & Main by 34.0% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,985,529 shares of the company’s stock valued at $132,557,000 after purchasing an additional 757,000 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Price Performance

Shares of Core & Main stock opened at $56.52 on Thursday. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $11.23 billion, a price-to-earnings ratio of 26.53, a price-to-earnings-growth ratio of 3.16 and a beta of 1.02. Core & Main, Inc. has a twelve month low of $37.22 and a twelve month high of $62.15. The company has a 50-day simple moving average of $52.10 and a two-hundred day simple moving average of $48.35.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.65 by $0.04. The company had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period last year, the firm earned $0.65 earnings per share. Analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current year.

Insider Buying and Selling at Core & Main

In other Core & Main news, Director Margaret Newman sold 15,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $55.25, for a total transaction of $828,750.00. Following the completion of the sale, the director now directly owns 11,769 shares in the company, valued at $650,237.25. This represents a 56.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Stephen O. Leclair sold 200,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total value of $10,976,000.00. Following the completion of the sale, the chief executive officer now directly owns 92,349 shares in the company, valued at approximately $5,068,113.12. This represents a 68.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 427,426 shares of company stock valued at $22,923,825 in the last three months. Corporate insiders own 3.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on CNM. Wells Fargo & Company lifted their price target on Core & Main from $52.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Loop Capital increased their price target on Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group lifted their price objective on shares of Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, December 5th. Truist Financial increased their price objective on shares of Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Finally, Barclays lifted their target price on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.30.

Core & Main Company Profile

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.