Brandywine Global Investment Management LLC Makes New Investment in Core & Main, Inc. (NYSE:CNM)

Brandywine Global Investment Management LLC bought a new stake in shares of Core & Main, Inc. (NYSE:CNM) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 124,899 shares of the company’s stock, valued at approximately $6,359,000. Brandywine Global Investment Management LLC owned about 0.06% of Core & Main as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Core & Main by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock valued at $927,580,000 after purchasing an additional 221,970 shares during the last quarter. State Street Corp increased its stake in shares of Core & Main by 9.7% in the 3rd quarter. State Street Corp now owns 5,522,009 shares of the company’s stock valued at $245,177,000 after acquiring an additional 489,224 shares during the last quarter. Royal London Asset Management Ltd. raised its position in shares of Core & Main by 1.3% in the 4th quarter. Royal London Asset Management Ltd. now owns 3,810,739 shares of the company’s stock valued at $194,005,000 after acquiring an additional 48,833 shares during the period. Amundi boosted its stake in Core & Main by 5.7% during the 4th quarter. Amundi now owns 3,659,261 shares of the company’s stock worth $186,722,000 after acquiring an additional 196,828 shares during the last quarter. Finally, Impax Asset Management Group plc grew its holdings in Core & Main by 70.4% during the fourth quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company’s stock valued at $174,661,000 after purchasing an additional 1,416,907 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Insider Activity at Core & Main

In other Core & Main news, General Counsel Mark G. Whittenburg sold 50,000 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $50.49, for a total value of $2,524,500.00. Following the completion of the sale, the general counsel now owns 7,667 shares in the company, valued at $387,106.83. This trade represents a 86.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John R. Schaller sold 60,452 shares of Core & Main stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $50.57, for a total transaction of $3,057,057.64. Following the completion of the transaction, the executive vice president now directly owns 17,898 shares of the company’s stock, valued at approximately $905,101.86. This trade represents a 77.16 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 184,294 shares of company stock valued at $9,383,685. Insiders own 3.49% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Citigroup increased their target price on shares of Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Truist Financial lifted their target price on Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft initiated coverage on Core & Main in a report on Tuesday. They issued a “buy” rating and a $60.00 price target for the company. The Goldman Sachs Group lifted their price objective on Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday, December 5th. Finally, Loop Capital increased their target price on Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.55.

Core & Main Price Performance

NYSE CNM opened at $49.36 on Wednesday. The firm’s 50 day moving average is $51.58 and its 200-day moving average is $49.07. 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 company has a market capitalization of $9.81 billion, a PE ratio of 23.17, a price-to-earnings-growth ratio of 2.61 and a beta of 1.05. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $62.15.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.03). The business had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.67 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.34 earnings per share. Equities research analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

About Core & Main

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.