Fiduciary Management Inc. WI Cuts Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Fiduciary Management Inc. WI lowered its position in shares of Core & Main, Inc. (NYSE:CNM) by 0.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 2,833,682 shares of the company’s stock after selling 8,221 shares during the quarter. Fiduciary Management Inc. WI’s holdings in Core & Main were worth $144,263,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB purchased a new position in shares of Core & Main in the third quarter worth $49,000. Retirement Systems of Alabama increased its holdings in Core & Main by 10.1% in the 3rd quarter. Retirement Systems of Alabama now owns 254,759 shares of the company’s stock worth $11,311,000 after buying an additional 23,277 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in Core & Main in the 3rd quarter worth about $774,000. Lord Abbett & CO. LLC lifted its stake in Core & Main by 6.9% during the 3rd quarter. Lord Abbett & CO. LLC now owns 899,064 shares of the company’s stock valued at $39,919,000 after acquiring an additional 58,365 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Core & Main by 14.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,839,399 shares of the company’s stock valued at $126,069,000 after acquiring an additional 349,674 shares during the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Stock Performance

Shares of CNM opened at $49.59 on Friday. The business has a 50-day simple moving average of $49.23 and a two-hundred day simple moving average of $49.39. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 52 week low of $37.22 and a 52 week high of $62.15. The stock has a market cap of $9.81 billion, a price-to-earnings ratio of 23.28, a PEG ratio of 2.61 and a beta of 1.05.

Core & Main (NYSE:CNM) last released its earnings results 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). Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The firm had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the prior year, the company posted $0.34 earnings per share. The company’s revenue was up 17.9% compared to the same quarter last year. On average, analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

Insider Transactions at Core & Main

In other news, CAO John Weldon Stephens sold 41,963 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total value of $2,118,292.24. Following the transaction, the chief accounting officer now directly owns 4,120 shares in the company, valued at $207,977.60. The trade was a 91.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John R. Schaller sold 21,868 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $46.82, for a total value of $1,023,859.76. Following the completion of the transaction, the executive vice president now directly owns 16,452 shares of the company’s stock, valued at approximately $770,282.64. This trade represents a 57.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 88,831 shares of company stock valued at $4,504,152 over the last three months. Corporate insiders own 3.49% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CNM. Wells Fargo & Company boosted their price objective on shares of Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. Citigroup boosted their target price on shares of Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft started coverage on Core & Main in a research note on Tuesday, April 1st. They issued a “buy” rating and a $60.00 price target on the stock. Robert W. Baird reduced their price objective on Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, March 26th. Finally, Royal Bank of Canada dropped their target price on Core & Main from $62.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. One research 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, the stock 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.