CIBC Asset Management Inc Boosts Stock Holdings in Core & Main, Inc. (NYSE:CNM)

CIBC Asset Management Inc grew its position in Core & Main, Inc. (NYSE:CNM) by 5.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,871 shares of the company’s stock after purchasing an additional 287 shares during the period. CIBC Asset Management Inc’s holdings in Core & Main were worth $299,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new stake in Core & Main in the 3rd quarter worth about $26,000. Avior Wealth Management LLC lifted its position 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 buying an additional 271 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Core & Main in the 3rd quarter worth approximately $49,000. UMB Bank n.a. grew its holdings in shares of Core & Main by 246.0% in the fourth quarter. UMB Bank n.a. now owns 962 shares of the company’s stock valued at $49,000 after acquiring an additional 684 shares in the last quarter. Finally, Blue Trust Inc. increased its position in shares of Core & Main by 187.4% during the fourth quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock valued at $65,000 after acquiring an additional 830 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

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 on Friday, January 10th. The shares were sold at an average price of $50.49, for a total transaction of $2,524,500.00. Following the completion of the transaction, the general counsel now directly owns 7,667 shares in the company, valued at $387,106.83. The trade was a 86.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Stephen O. Leclair sold 200,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total value of $10,976,000.00. Following the completion of the sale, the chief executive officer now owns 92,349 shares in the company, valued at $5,068,113.12. This trade represents a 68.41 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 452,426 shares of company stock worth $24,285,825. 3.49% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on CNM shares. Citigroup boosted their price objective on Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, January 6th. Wells Fargo & Company boosted their price target on shares of Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Robert W. Baird raised their price objective on shares of Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Truist Financial boosted their target price 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, Royal Bank of Canada reissued an “outperform” rating and set a $62.00 target price (up from $53.00) on shares of Core & Main in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.60.

Core & Main Stock Performance

NYSE CNM opened at $49.90 on Tuesday. The firm has a market cap of $9.91 billion, a P/E ratio of 23.42, a price-to-earnings-growth ratio of 2.61 and a beta of 1.03. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The company’s 50 day moving average is $53.38 and its 200-day moving average is $48.73. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $62.15.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the business earned $0.65 EPS. Sell-side analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current year.

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.