CIBC Private Wealth Group LLC Sells 2,600 Shares of Core & Main, Inc. (NYSE:CNM)

CIBC Private Wealth Group LLC decreased its holdings in Core & Main, Inc. (NYSE:CNM) by 22.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,906 shares of the company’s stock after selling 2,600 shares during the period. CIBC Private Wealth Group LLC’s holdings in Core & Main were worth $456,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CNM. Avior Wealth Management LLC increased its stake in Core & Main by 51.3% in the 4th quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock worth $41,000 after buying an additional 271 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Core & Main during the third quarter worth approximately $49,000. UMB Bank n.a. raised its stake in shares of Core & Main by 246.0% during the fourth quarter. UMB Bank n.a. now owns 962 shares of the company’s stock valued at $49,000 after acquiring an additional 684 shares in the last quarter. Blue Trust Inc. boosted its holdings 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 valued at $65,000 after purchasing an additional 830 shares during the period. Finally, R Squared Ltd bought a new position in Core & Main in the fourth quarter worth approximately $78,000. 94.19% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Core & Main news, General Counsel Mark G. Whittenburg sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $50.49, for a total transaction of $2,524,500.00. Following the completion of the transaction, the general counsel now directly owns 7,667 shares of the company’s stock, valued at approximately $387,106.83. This trade represents a 86.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO John Weldon Stephens sold 41,963 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $50.48, for a total transaction of $2,118,292.24. Following the completion of the sale, the chief accounting officer now directly owns 4,120 shares in the company, valued at $207,977.60. This trade represents a 91.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 226,257 shares of company stock valued at $11,501,977. Insiders own 3.49% of the company’s stock.

Core & Main Stock Down 2.3 %

Shares of CNM stock opened at $46.12 on Friday. The stock’s fifty day moving average price is $51.06 and its 200 day moving average price is $49.15. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $62.15. The company has a market cap of $9.13 billion, a price-to-earnings ratio of 21.65, a price-to-earnings-growth ratio of 2.61 and a beta of 1.05. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28.

Core & Main (NYSE:CNM) last posted its quarterly earnings data 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 company had revenue of $1.70 billion for 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 business’s revenue was up 17.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.34 EPS. On average, research analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.