Renaissance Technologies LLC Purchases 373,500 Shares of Core & Main, Inc. (NYSE:CNM)

Renaissance Technologies LLC boosted its position in Core & Main, Inc. (NYSE:CNM) by 498.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 448,400 shares of the company’s stock after purchasing an additional 373,500 shares during the period. Renaissance Technologies LLC owned about 0.23% of Core & Main worth $22,828,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Avior Wealth Management LLC lifted its stake in Core & Main by 51.3% in the fourth quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock valued at $41,000 after purchasing an additional 271 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Core & Main in the third quarter valued at $49,000. UMB Bank n.a. grew its stake in shares of Core & Main by 246.0% during the 4th quarter. UMB Bank n.a. now owns 962 shares of the company’s stock worth $49,000 after acquiring an additional 684 shares during the period. Quadrant Capital Group LLC increased its holdings in Core & Main by 30.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company’s stock worth $61,000 after acquiring an additional 278 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in shares of Core & Main by 187.4% in the fourth quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock worth $65,000 after purchasing an additional 830 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Price Performance

Shares of NYSE:CNM opened at $48.69 on Friday. The company’s fifty day moving average price is $49.77 and its 200-day moving average price is $49.26. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The firm has a market capitalization of $9.63 billion, a price-to-earnings ratio of 22.86, a PEG ratio of 2.61 and a beta of 1.05. Core & Main, Inc. has a one year low of $37.22 and a one year high of $62.15.

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

Analysts Set New Price Targets

CNM has been the topic of a number of recent research reports. Wells Fargo & Company upped their price target on shares of Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Citigroup raised their price target on Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Royal Bank of Canada reduced their price target on Core & Main from $62.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft assumed coverage on Core & Main in a report on Tuesday, April 1st. They set a “buy” rating and a $60.00 price objective on the stock. Finally, Robert W. Baird decreased their price target on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.55.

Insider Buying and Selling at Core & Main

In other Core & Main news, General Counsel Mark G. Whittenburg sold 1,974 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $55.29, for a total value of $109,142.46. Following the completion of the sale, the general counsel now owns 7,667 shares in the company, valued at approximately $423,908.43. This trade represents a 20.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Bradford A. Cowles sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $54.07, for a total value of $675,875.00. Following the transaction, the president now directly owns 16,010 shares in the company, valued at $865,660.70. This trade represents a 43.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,305 shares of company stock worth $5,289,169 over the last ninety days. Insiders own 3.49% of the company’s stock.

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.