VELA Investment Management LLC Reduces Stock Holdings in Core & Main, Inc. (NYSE:CNM)

VELA Investment Management LLC reduced its stake in shares of Core & Main, Inc. (NYSE:CNM) by 33.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 31,902 shares of the company’s stock after selling 15,979 shares during the quarter. VELA Investment Management LLC’s holdings in Core & Main were worth $1,624,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of CNM. Ashton Thomas Securities LLC acquired a new stake in Core & Main during the 3rd quarter valued at approximately $26,000. Avior Wealth Management LLC grew its stake in Core & Main by 51.3% during the 4th quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock valued at $41,000 after purchasing an additional 271 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Core & Main during the 3rd quarter valued at approximately $49,000. UMB Bank n.a. grew its stake in Core & Main by 246.0% during the 4th quarter. UMB Bank n.a. now owns 962 shares of the company’s stock valued at $49,000 after purchasing an additional 684 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in Core & Main by 187.4% during the 4th quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock valued at $65,000 after purchasing an additional 830 shares in the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Trading Up 0.5 %

NYSE:CNM opened at $50.99 on Friday. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $62.15. The firm has a market capitalization of $10.13 billion, a P/E ratio of 23.94, a P/E/G ratio of 2.61 and a beta of 1.03. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The business has a 50 day simple moving average of $53.36 and a 200 day simple moving average of $48.76.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same quarter in the previous year, the firm posted $0.65 EPS. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. Equities research analysts predict that Core & Main, Inc. will post 2.16 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Citigroup raised their price objective on Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, January 6th. Robert W. Baird lifted their target price on Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $62.00 target price (up previously from $53.00) on shares of Core & Main in a research report on Wednesday, December 4th. The Goldman Sachs Group lifted their target price on Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, December 5th. Finally, Truist Financial lifted their target price on Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.60.

Insider Activity at Core & Main

In other Core & Main news, General Counsel Mark G. Whittenburg sold 1,974 shares of Core & Main stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $55.29, for a total transaction of $109,142.46. Following the sale, the general counsel now owns 7,667 shares of the company’s stock, valued at $423,908.43. The trade was a 20.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Bradford A. Cowles sold 50,000 shares of Core & Main stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $55.07, for a total value of $2,753,500.00. Following the sale, the president now directly owns 18,423 shares in the company, valued at $1,014,554.61. The trade was a 73.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 452,426 shares of company stock worth $24,285,825 in the last 90 days. 3.49% of the stock is currently owned by company insiders.

Core & Main Profile

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.