Acadian Asset Management LLC Sells 290,886 Shares of Core & Main, Inc. (NYSE:CNM)

Acadian Asset Management LLC reduced its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 73.0% in the first quarter, Holdings Channel.com reports. The fund owned 107,418 shares of the company’s stock after selling 290,886 shares during the quarter. Acadian Asset Management LLC’s holdings in Core & Main were worth $6,147,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rise Advisors LLC bought a new stake in shares of Core & Main during the 1st quarter worth approximately $27,000. ORG Partners LLC bought a new stake in Core & Main during the 1st quarter valued at $38,000. Quadrant Capital Group LLC raised its position in Core & Main by 74.5% during the 4th quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock valued at $35,000 after purchasing an additional 365 shares in the last quarter. GAMMA Investing LLC bought a new stake in Core & Main during the 4th quarter valued at $41,000. Finally, Principal Securities Inc. bought a new stake in Core & Main during the 4th quarter valued at $43,000. 94.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

CNM has been the subject of a number of research analyst reports. Citigroup lowered Core & Main from a “buy” rating to a “neutral” rating and lifted their target price for the company from $63.00 to $64.00 in a research report on Friday, April 5th. Truist Financial cut their price target on Core & Main from $56.00 to $50.00 and set a “hold” rating on the stock in a report on Wednesday, June 5th. The Goldman Sachs Group lifted their price target on Core & Main from $42.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, March 26th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $60.00 price target on shares of Core & Main in a report on Wednesday, June 5th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.90.

Insider Activity

In other news, CAO John Weldon Stephens sold 9,497 shares of the stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $55.19, for a total value of $524,139.43. Following the transaction, the chief accounting officer now directly owns 4,281 shares of the company’s stock, valued at $236,268.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Core & Main news, CFO Mark R. Witkowski sold 50,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $59.50, for a total transaction of $2,975,000.00. Following the transaction, the chief financial officer now owns 23,898 shares in the company, valued at $1,421,931. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO John Weldon Stephens sold 9,497 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $55.19, for a total value of $524,139.43. Following the transaction, the chief accounting officer now owns 4,281 shares in the company, valued at approximately $236,268.39. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,197 shares of company stock valued at $4,161,891. Company insiders own 3.49% of the company’s stock.

Core & Main Stock Up 0.7 %

NYSE:CNM traded up $0.37 during mid-day trading on Monday, hitting $51.84. 1,477,553 shares of the company’s stock traded hands, compared to its average volume of 2,526,615. The company has a fifty day moving average of $52.90 and a 200 day moving average of $50.85. Core & Main, Inc. has a twelve month low of $27.75 and a twelve month high of $62.15. The company has a market capitalization of $10.44 billion, a P/E ratio of 24.05, a P/E/G ratio of 1.95 and a beta of 1.06. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 2.14.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, June 4th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.02). Core & Main had a net margin of 5.53% and a return on equity of 20.01%. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the prior year, the company earned $0.50 earnings per share. The company’s quarterly revenue was up 10.6% on a year-over-year basis. On average, analysts forecast that Core & Main, Inc. will post 2.32 EPS for the current year.

Core & Main Profile

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.