Alliancebernstein L.P. Sells 55,922 Shares of Core & Main, Inc. (NYSE:CNM)

Alliancebernstein L.P. trimmed its stake in shares of Core & Main, Inc. (NYSE:CNM) by 2.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 2,085,391 shares of the company’s stock after selling 55,922 shares during the quarter. Alliancebernstein L.P.’s holdings in Core & Main were worth $106,167,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. US Bancorp DE lifted its position in Core & Main by 12.3% during the fourth quarter. US Bancorp DE now owns 1,795 shares of the company’s stock worth $91,000 after purchasing an additional 197 shares during the period. Fifth Third Wealth Advisors LLC raised its position in shares of Core & Main by 4.8% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 5,616 shares of the company’s stock valued at $286,000 after buying an additional 258 shares in the last quarter. Avior Wealth Management LLC lifted its holdings in shares of Core & Main by 51.3% during the 4th quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock worth $41,000 after acquiring an additional 271 shares during the period. CIBC Asset Management Inc boosted its position in shares of Core & Main by 5.1% during the 4th quarter. CIBC Asset Management Inc now owns 5,871 shares of the company’s stock worth $299,000 after acquiring an additional 287 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in Core & Main by 0.6% in the fourth quarter. Arizona State Retirement System now owns 55,910 shares of the company’s stock valued at $2,846,000 after acquiring an additional 360 shares during the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Core & Main

In other news, General Counsel Mark G. Whittenburg sold 50,000 shares of the business’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 value of $2,524,500.00. Following the transaction, the general counsel now owns 7,667 shares in the company, valued at approximately $387,106.83. The trade was a 86.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John R. Schaller sold 21,868 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $46.82, for a total transaction of $1,023,859.76. Following the sale, the executive vice president now owns 16,452 shares of the company’s stock, valued at approximately $770,282.64. This trade represents a 57.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 184,294 shares of company stock worth $9,383,685 over the last ninety days. Insiders own 3.49% of the company’s stock.

Core & Main Price Performance

Shares of NYSE:CNM opened at $50.92 on Thursday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. Core & Main, Inc. has a 52 week low of $37.22 and a 52 week high of $62.15. The firm has a market cap of $10.12 billion, a PE ratio of 23.91, a price-to-earnings-growth ratio of 2.61 and a beta of 1.05. The firm’s fifty day moving average is $51.46 and its 200-day moving average is $49.08.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, March 25th. The company reported $0.33 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 return on equity of 24.71% and a net margin of 5.71%. The firm’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 earnings per share. Sell-side analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Analyst Ratings Changes

CNM has been the topic of a number of research analyst reports. Barclays raised their target price on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Royal Bank of Canada decreased 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. Loop Capital increased their target price on shares of Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Truist Financial raised their price target on shares of Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company upped their price objective on shares of Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock 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.