Southeast Asset Advisors LLC Cuts Holdings in Core & Main, Inc. (NYSE:CNM)

Southeast Asset Advisors LLC decreased its position in Core & Main, Inc. (NYSE:CNM) by 20.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 87,457 shares of the company’s stock after selling 22,174 shares during the period. Southeast Asset Advisors LLC’s holdings in Core & Main were worth $4,452,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Captrust Financial Advisors lifted its holdings in Core & Main by 11.6% during the third quarter. Captrust Financial Advisors now owns 29,444 shares of the company’s stock worth $1,307,000 after acquiring an additional 3,066 shares during the period. State Street Corp raised its stake in shares of Core & Main by 9.7% during the 3rd quarter. State Street Corp now owns 5,522,009 shares of the company’s stock worth $245,177,000 after purchasing an additional 489,224 shares during the period. XTX Topco Ltd purchased a new position in shares of Core & Main in the 3rd quarter worth about $1,391,000. Public Employees Retirement System of Ohio grew its position in Core & Main by 10.0% during the third quarter. Public Employees Retirement System of Ohio now owns 125,473 shares of the company’s stock valued at $5,571,000 after buying an additional 11,427 shares during the period. Finally, Vestcor Inc increased its holdings in Core & Main by 233.9% during the third quarter. Vestcor Inc now owns 16,026 shares of the company’s stock worth $712,000 after buying an additional 11,227 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

Insider Buying and Selling at Core & Main

In related news, General Counsel Mark G. Whittenburg sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $50.49, for a total value of $2,524,500.00. Following the transaction, the general counsel now directly owns 7,667 shares in the company, valued at approximately $387,106.83. This represents a 86.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Bradford A. Cowles sold 12,500 shares of Core & Main stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $50.50, for a total transaction of $631,250.00. Following the sale, the president now owns 16,010 shares of the company’s stock, valued at approximately $808,505. The trade was a 43.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 226,257 shares of company stock valued at $11,501,977 in the last 90 days. Corporate insiders own 3.49% of the company’s stock.

Core & Main Price Performance

Shares of NYSE:CNM opened at $46.12 on Monday. The company has a 50 day moving average of $51.06 and a 200 day moving average of $49.19. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. The stock has a market cap of $9.13 billion, a P/E ratio of 21.65, a P/E/G ratio of 2.61 and a beta of 1.05. 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 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 return on equity of 24.71% and a net margin of 5.71%. The firm had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the previous year, the company posted $0.34 EPS. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CNM shares. Deutsche Bank Aktiengesellschaft began coverage on shares of Core & Main in a research note on Tuesday, April 1st. They issued a “buy” rating and a $60.00 target price on the stock. Royal Bank of Canada dropped their price objective on Core & Main from $62.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. Wells Fargo & Company raised their target price on Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Robert W. Baird dropped their price target on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Finally, Citigroup boosted 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. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $57.55.

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.