Allspring Global Investments Holdings LLC Acquires 53,512 Shares of Core & Main, Inc. (NYSE:CNM)

Allspring Global Investments Holdings LLC raised its stake in shares of Core & Main, Inc. (NYSE:CNM) by 15,159.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 53,865 shares of the company’s stock after purchasing an additional 53,512 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Core & Main were worth $3,084,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CNM. Rhumbline Advisers increased its stake in shares of Core & Main by 21.5% in the 3rd quarter. Rhumbline Advisers now owns 118,894 shares of the company’s stock valued at $3,430,000 after acquiring an additional 21,047 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in shares of Core & Main by 27.8% during the third quarter. Treasurer of the State of North Carolina now owns 47,351 shares of the company’s stock valued at $1,366,000 after purchasing an additional 10,310 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Core & Main by 18.0% during the third quarter. California State Teachers Retirement System now owns 123,396 shares of the company’s stock worth $3,560,000 after purchasing an additional 18,820 shares during the last quarter. Gotham Asset Management LLC boosted its stake in shares of Core & Main by 269.5% in the 3rd quarter. Gotham Asset Management LLC now owns 62,490 shares of the company’s stock worth $1,803,000 after buying an additional 45,578 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC grew its stake in Core & Main by 23.3% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 44,900 shares of the company’s stock valued at $1,295,000 after purchasing an additional 8,481 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CNM shares. The Goldman Sachs Group raised their price target on shares of Core & Main from $42.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 26th. Barclays upped their price target on Core & Main from $49.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, March 20th. Citigroup lowered Core & Main from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $63.00 to $64.00 in a report on Friday, April 5th. Truist Financial cut their target price on shares of Core & Main from $56.00 to $50.00 and set a “hold” rating for the company in a research report on Wednesday, June 5th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $60.00 price target on shares of Core & Main in a research report on Wednesday, June 5th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Core & Main has an average rating of “Moderate Buy” and an average target price of $52.90.

Insiders Place Their Bets

In other news, CFO Mark R. Witkowski sold 50,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $59.50, for a total transaction of $2,975,000.00. Following the sale, the chief financial officer now owns 23,898 shares in the company, valued at approximately $1,421,931. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CAO John Weldon Stephens sold 9,497 shares of the stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $55.19, for a total transaction of $524,139.43. Following the transaction, the chief accounting officer now directly owns 4,281 shares in the company, valued at approximately $236,268.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark R. Witkowski sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $59.50, for a total value of $2,975,000.00. Following the completion of the sale, the chief financial officer now owns 23,898 shares of the company’s stock, valued at approximately $1,421,931. The disclosure for this sale can be found here. Insiders sold a total of 165,000 shares of company stock valued at $9,427,067 in the last quarter. Corporate insiders own 3.49% of the company’s stock.

Core & Main Price Performance

NYSE:CNM opened at $48.36 on Wednesday. Core & Main, Inc. has a 52-week low of $27.75 and a 52-week high of $62.15. The stock has a fifty day moving average of $54.89 and a 200 day moving average of $49.88. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 2.14. The firm has a market capitalization of $9.74 billion, a price-to-earnings ratio of 22.60, a P/E/G ratio of 1.85 and a beta of 1.06.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Tuesday, June 4th. The company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02). The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.72 billion. Core & Main had a net margin of 5.53% and a return on equity of 20.01%. The business’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 EPS. On average, research analysts expect that Core & Main, Inc. will post 2.32 EPS for the current fiscal year.

Core & Main Profile

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.