Washington Capital Management Inc. Has $524,000 Position in Core & Main, Inc. (NYSE:CNM)

Washington Capital Management Inc. raised its position in Core & Main, Inc. (NYSE:CNM) by 32.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 as of its most recent SEC filing.

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

Insider Activity

In other news, General Counsel Mark G. Whittenburg sold 1,974 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $55.29, for a total value of $109,142.46. Following the transaction, the general counsel now owns 7,667 shares of the company’s stock, valued at approximately $423,908.43. This represents a 20.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Bradford A. Cowles sold 50,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $55.07, for a total value of $2,753,500.00. Following the completion of the sale, the president now owns 18,423 shares in the company, valued at $1,014,554.61. This trade represents a 73.07 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 427,426 shares of company stock worth $22,923,825. 3.49% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CNM has been the subject of several analyst reports. Loop Capital raised their target price on Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Wells Fargo & Company lifted their price objective on Core & Main from $52.00 to $62.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. The Goldman Sachs Group increased their target price on shares of Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, December 5th. Royal Bank of Canada restated an “outperform” rating and issued a $62.00 price target (up previously from $53.00) on shares of Core & Main in a research report on Wednesday, December 4th. Finally, Citigroup increased their price objective on shares of Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Core & Main has a consensus rating of “Moderate Buy” and an average price target of $57.30.

Core & Main Trading Down 0.4 %

Shares of CNM stock opened at $56.52 on Thursday. The firm has a market cap of $11.23 billion, a P/E ratio of 26.53, a PEG ratio of 3.16 and a beta of 1.02. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $62.15. 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 50 day moving average of $52.10 and a 200-day moving average of $48.35.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The company had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $1.99 billion. During the same period in the prior year, the company posted $0.65 EPS. Core & Main’s revenue was up 11.5% compared to the same quarter last year. Sell-side analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current 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.