Wedge Capital Management L L P NC Sells 88,983 Shares of Core & Main, Inc. (NYSE:CNM)

Wedge Capital Management L L P NC cut its stake in shares of Core & Main, Inc. (NYSE:CNM) by 29.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 213,271 shares of the company’s stock after selling 88,983 shares during the quarter. Wedge Capital Management L L P NC owned 0.11% of Core & Main worth $10,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Envestnet Asset Management Inc. grew its position in Core & Main by 153.8% in the second quarter. Envestnet Asset Management Inc. now owns 126,729 shares of the company’s stock worth $6,202,000 after acquiring an additional 76,804 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Core & Main by 15.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,818,679 shares of the company’s stock valued at $89,007,000 after purchasing an additional 238,469 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in shares of Core & Main by 5.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 13,247 shares of the company’s stock valued at $648,000 after buying an additional 705 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of Core & Main during the 2nd quarter valued at about $243,000. Finally, Pacer Advisors Inc. lifted its position in Core & Main by 37.1% in the 2nd quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock worth $205,974,000 after buying an additional 1,137,817 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Stock Up 0.6 %

Shares of Core & Main stock opened at $55.21 on Friday. 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, Inc. has a 12-month low of $37.22 and a 12-month high of $62.15. The company has a market cap of $10.97 billion, a P/E ratio of 25.92, a PEG ratio of 2.79 and a beta of 1.02. The company’s fifty day simple moving average is $49.97 and its two-hundred day simple moving average is $47.97.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. The company had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. Core & Main’s revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.65 earnings per share. Research analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current year.

Insider Activity at Core & Main

In related news, General Counsel Mark G. Whittenburg sold 1,974 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $55.29, for a total value of $109,142.46. Following the completion of the transaction, the general counsel now directly owns 7,667 shares in the company, valued at $423,908.43. This trade represents a 20.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Stephen O. Leclair sold 200,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the sale, the chief executive officer now directly owns 92,349 shares in the company, valued at $5,068,113.12. The trade was a 68.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 427,426 shares of company stock worth $22,923,825 over the last ninety days. 3.49% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $62.00 price target (up from $53.00) on shares of Core & Main in a research note on Wednesday, December 4th. The Goldman Sachs Group boosted their price target on shares of Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, December 5th. Barclays lifted their price objective on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Wells Fargo & Company increased their target price on Core & Main from $52.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Robert W. Baird boosted their price objective on Core & Main from $60.00 to $66.00 and gave the company an “outperform” 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 issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.30.

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.