Duff & Phelps Investment Management Co. Has $22.76 Million Position in Core & Main, Inc. (NYSE:CNM)

Duff & Phelps Investment Management Co. cut its stake in shares of Core & Main, Inc. (NYSE:CNM) by 6.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 512,655 shares of the company’s stock after selling 34,011 shares during the period. Duff & Phelps Investment Management Co.’s holdings in Core & Main were worth $22,762,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Select Equity Group L.P. grew its stake in shares of Core & Main by 0.3% during the second quarter. Select Equity Group L.P. now owns 15,426,777 shares of the company’s stock worth $754,986,000 after buying an additional 39,475 shares during the last quarter. FMR LLC boosted its holdings in shares of Core & Main by 28.0% during the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock valued at $386,151,000 after acquiring an additional 1,903,280 shares in the last quarter. State Street Corp grew its position in Core & Main by 9.7% during the 3rd quarter. State Street Corp now owns 5,522,009 shares of the company’s stock worth $245,177,000 after acquiring an additional 489,224 shares during the last quarter. Pacer Advisors Inc. increased its holdings in Core & Main by 1.0% in the 3rd quarter. Pacer Advisors Inc. now owns 4,250,219 shares of the company’s stock worth $188,710,000 after purchasing an additional 41,521 shares in the last quarter. Finally, Royal London Asset Management Ltd. raised its position in Core & Main by 39.9% in the third quarter. Royal London Asset Management Ltd. now owns 3,761,906 shares of the company’s stock valued at $167,029,000 after purchasing an additional 1,073,451 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Trading Down 1.4 %

NYSE CNM opened at $53.86 on Monday. The stock has a market capitalization of $10.83 billion, a P/E ratio of 25.29, a P/E/G ratio of 2.97 and a beta of 1.04. The business has a 50 day simple moving average of $45.60 and a 200 day simple moving average of $47.94. 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, Inc. has a one year low of $35.70 and a one year high of $62.15.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.99 billion. During the same quarter last year, the firm posted $0.65 EPS. The company’s quarterly revenue was up 11.5% on a year-over-year basis. Research analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Insider Activity

In other news, Director Margaret Newman sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $55.25, for a total transaction of $828,750.00. Following the transaction, the director now directly owns 11,769 shares of the company’s stock, valued at $650,237.25. This represents a 56.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Stephen O. Leclair sold 200,000 shares of Core & Main stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the completion of the sale, the chief executive officer now directly owns 92,349 shares of the company’s stock, valued at approximately $5,068,113.12. The trade was a 68.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 290,000 shares of company stock worth $15,926,000. Company insiders own 3.49% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CNM. Truist Financial boosted their price target on Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Wells Fargo & Company boosted their target price on shares of Core & Main from $52.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday. The Goldman Sachs Group raised their price target on shares of Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a research note on Thursday. Royal Bank of Canada reissued an “outperform” rating and issued a $62.00 price objective (up previously from $53.00) on shares of Core & Main in a research note on Wednesday, December 4th. Finally, Robert W. Baird increased their price objective on Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $58.10.

Core & Main Company 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.