Congruence Capital LLC Takes Position in Core & Main, Inc. $CNM

Congruence Capital LLC acquired a new stake in shares of Core & Main, Inc. (NYSE:CNM) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 259,427 shares of the company’s stock, valued at approximately $13,482,000. Core & Main comprises about 5.0% of Congruence Capital LLC’s holdings, making the stock its 9th largest holding.

Several other large investors also recently bought and sold shares of the business. Morgan Stanley lifted its stake in Core & Main by 8.3% during the 4th quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock valued at $758,079,000 after acquiring an additional 1,118,145 shares during the period. Capital World Investors grew its stake in shares of Core & Main by 5.8% in the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock worth $327,034,000 after acquiring an additional 344,606 shares during the period. State Street Corp raised its holdings in shares of Core & Main by 1.0% during the fourth quarter. State Street Corp now owns 5,733,516 shares of the company’s stock valued at $297,971,000 after purchasing an additional 54,562 shares during the last quarter. Royal London Asset Management Ltd. lifted its position in Core & Main by 12.5% during the fourth quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company’s stock valued at $295,636,000 after purchasing an additional 632,077 shares during the period. Finally, First Trust Advisors LP lifted its position in Core & Main by 38.6% during the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock valued at $276,380,000 after purchasing an additional 1,482,235 shares during the period. 94.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CNM has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft cut their target price on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Barclays dropped their price target on Core & Main from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 25th. The Goldman Sachs Group reiterated a “neutral” rating and set a $24.00 price objective on shares of Core & Main in a research report on Thursday. Finally, Citigroup lowered their target price on Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a report on Thursday. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $57.73.

Insiders Place Their Bets

In other Core & Main news, CFO Robyn L. Bradbury sold 5,000 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $52.54, for a total value of $262,700.00. Following the completion of the sale, the chief financial officer owned 12,500 shares in the company, valued at approximately $656,750. This represents a 28.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope purchased 1,972 shares of the firm’s stock in a transaction on Tuesday, April 7th. The shares were acquired at an average cost of $50.70 per share, for a total transaction of $99,980.40. Following the completion of the acquisition, the director owned 6,939 shares of the company’s stock, valued at approximately $351,807.30. This trade represents a 39.70% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 1.51% of the stock is currently owned by insiders.

Core & Main Stock Performance

NYSE:CNM opened at $48.12 on Friday. The stock has a 50-day simple moving average of $49.79 and a two-hundred day simple moving average of $52.08. Core & Main, Inc. has a 52-week low of $43.96 and a 52-week high of $67.18. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.51 and a current ratio of 2.31. The firm has a market capitalization of $9.37 billion, a PE ratio of 20.39, a P/E/G ratio of 1.74 and a beta of 0.91.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Wednesday, June 10th. The company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.53 by $0.19. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. Core & Main had a return on equity of 26.17% and a net margin of 5.87%.The business’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 earnings per share. Analysts forecast that Core & Main, Inc. will post 3.06 EPS for the current year.

Core & Main Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.