Franklin Resources Inc. Trims Position in Core & Main, Inc. (NYSE:CNM)

Franklin Resources Inc. lowered its holdings in Core & Main, Inc. (NYSE:CNM) by 96.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,637 shares of the company’s stock after selling 182,014 shares during the period. Franklin Resources Inc.’s holdings in Core & Main were worth $389,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Avior Wealth Management LLC grew its holdings in Core & Main by 51.3% in the 4th quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock valued at $41,000 after buying an additional 271 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Core & Main in the third quarter worth approximately $49,000. UMB Bank n.a. grew its holdings in 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 purchasing an additional 684 shares during the period. Blue Trust Inc. increased its position in Core & Main by 187.4% during the fourth quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock worth $65,000 after purchasing an additional 830 shares during the last quarter. Finally, R Squared Ltd acquired a new position in Core & Main during the fourth quarter worth approximately $78,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CNM. Citigroup lifted their price target on shares of Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft assumed coverage on Core & Main in a report on Tuesday, April 1st. They issued a “buy” rating and a $60.00 target price on the stock. Wells Fargo & Company raised their price objective on 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 decreased their target price on Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. Finally, Royal Bank of Canada cut their price target on shares of Core & Main from $62.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. One research 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, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.55.

Insider Buying and Selling at Core & Main

In other Core & Main news, President Bradford A. Cowles sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $54.48, for a total transaction of $1,362,000.00. Following the completion of the sale, the president now owns 16,010 shares in the company, valued at $872,224.80. This trade represents a 60.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John R. Schaller sold 21,868 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $46.82, for a total value of $1,023,859.76. Following the completion of the transaction, the executive vice president now directly owns 16,452 shares in the company, valued at approximately $770,282.64. The trade was a 57.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 88,831 shares of company stock valued at $4,504,152 in the last ninety days. Insiders own 3.49% of the company’s stock.

Core & Main Stock Up 1.9 %

NYSE CNM opened at $49.59 on Friday. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a fifty-two week low of $37.22 and a fifty-two week high of $62.15. The business has a 50 day moving average price of $49.33 and a two-hundred day moving average price of $49.35. The stock has a market cap of $9.81 billion, a PE ratio of 23.28, a P/E/G ratio of 2.61 and a beta of 1.05.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.03). Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter last year, the company posted $0.34 earnings per share. Core & Main’s revenue for the quarter was up 17.9% compared to the same quarter last year. As a group, sell-side analysts predict that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main Company 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.