MetLife Investment Management LLC Boosts Stake in Core & Main, Inc. (NYSE:CNM)

MetLife Investment Management LLC boosted its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 8.3% in the 4th quarter, Holdings Channel reports. The fund owned 114,136 shares of the company’s stock after acquiring an additional 8,709 shares during the quarter. MetLife Investment Management LLC’s holdings in Core & Main were worth $5,811,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its position in Core & Main by 7.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,666,765 shares of the company’s stock worth $84,855,000 after purchasing an additional 122,240 shares during the last quarter. Impax Asset Management Group plc increased its holdings in shares of Core & Main by 70.4% during the 4th quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company’s stock worth $174,661,000 after buying an additional 1,416,907 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Core & Main during the 3rd quarter valued at approximately $774,000. Federated Hermes Inc. lifted its holdings in Core & Main by 4,757.9% in the fourth quarter. Federated Hermes Inc. now owns 1,138,346 shares of the company’s stock valued at $57,953,000 after acquiring an additional 1,114,913 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Core & Main by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock worth $927,580,000 after acquiring an additional 221,970 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Stock Up 1.7 %

Core & Main stock opened at $50.53 on Thursday. The firm has a market capitalization of $10.00 billion, a P/E ratio of 23.72, a P/E/G ratio of 2.61 and a beta of 1.05. The stock’s fifty day simple moving average is $48.95 and its 200-day simple moving average is $49.52. Core & Main, Inc. has a twelve month low of $37.22 and a twelve month high of $62.15. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same period in the prior year, the business earned $0.34 EPS. Core & Main’s revenue for the quarter was up 17.9% on a year-over-year basis. As a group, equities analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO John Weldon Stephens sold 41,963 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total transaction of $2,118,292.24. Following the completion of the transaction, the chief accounting officer now directly owns 4,120 shares of the company’s stock, valued at approximately $207,977.60. This represents a 91.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Bradford A. Cowles sold 25,000 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $54.48, for a total value of $1,362,000.00. Following the sale, the president now directly owns 16,010 shares in the company, valued at $872,224.80. This trade represents a 60.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 88,831 shares of company stock worth $4,504,152 over the last 90 days. 3.49% of the stock is owned by insiders.

Analyst Ratings Changes

CNM has been the topic of several recent analyst reports. Robert W. Baird decreased their price target on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft started coverage on shares of Core & Main in a research note on Tuesday, April 1st. They set a “buy” rating and a $60.00 target price for the company. Citigroup boosted their price target 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. Wells Fargo & Company lifted their target price 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. Finally, Royal Bank of Canada decreased their price target on Core & Main from $62.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Core & Main presently has an average rating of “Moderate Buy” and a consensus target price 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.