Putnam Investments LLC grew its stake in shares of Core & Main, Inc. (NYSE:CNM – Get Rating) by 11.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 312,619 shares of the company’s stock after buying an additional 31,345 shares during the period. Putnam Investments LLC owned approximately 0.13% of Core & Main worth $7,109,000 as of its most recent filing with the Securities and Exchange Commission.
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Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. National Bank of Canada FI bought a new position in shares of Core & Main during the 3rd quarter valued at about $28,000. Nisa Investment Advisors LLC bought a new position in shares of Core & Main during the 3rd quarter valued at about $45,000. Assetmark Inc. lifted its holdings in shares of Core & Main by 33.8% during the 3rd quarter. Assetmark Inc. now owns 2,158 shares of the company’s stock valued at $49,000 after purchasing an additional 545 shares in the last quarter. MetLife Investment Management LLC bought a new position in shares of Core & Main during the 1st quarter valued at about $58,000. Finally, Lazard Asset Management LLC bought a new position in shares of Core & Main during the 2nd quarter valued at about $107,000. Institutional investors own 95.16% of the company’s stock.
Core & Main Stock Down 0.9 %
NYSE:CNM opened at $23.50 on Thursday. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of 11.19, a price-to-earnings-growth ratio of 0.66 and a beta of 0.82. Core & Main, Inc. has a twelve month low of $18.75 and a twelve month high of $26.63. The stock’s 50 day moving average price is $21.96 and its two-hundred day moving average price is $22.04. The company has a quick ratio of 1.32, a current ratio of 2.49 and a debt-to-equity ratio of 0.65.
Core & Main (NYSE:CNM – Get Rating) last posted its quarterly earnings results on Tuesday, December 13th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.05. The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.78 billion. Core & Main had a return on equity of 22.01% and a net margin of 5.52%. Equities research analysts expect that Core & Main, Inc. will post 2.15 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Core & Main news, General Counsel Mark G. Whittenburg sold 31,204 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $24.02, for a total transaction of $749,520.08. Following the transaction, the general counsel now owns 5,286 shares of the company’s stock, valued at approximately $126,969.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, General Counsel Mark G. Whittenburg sold 6,411 shares of Core & Main stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $23.06, for a total transaction of $147,837.66. Following the completion of the transaction, the general counsel now directly owns 5,286 shares in the company, valued at approximately $121,895.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Mark G. Whittenburg sold 31,204 shares of Core & Main stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $24.02, for a total value of $749,520.08. Following the transaction, the general counsel now owns 5,286 shares of the company’s stock, valued at $126,969.72. The disclosure for this sale can be found here. Insiders have sold 129,171 shares of company stock valued at $3,072,903 in the last 90 days. 1.20% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on CNM shares. Citigroup cut their price objective on Core & Main from $26.00 to $22.00 and set a “neutral” rating on the stock in a report on Friday, December 16th. Royal Bank of Canada lifted their target price on Core & Main from $27.00 to $28.00 and gave the company an “outperform” rating in a research report on Wednesday, December 14th. Deutsche Bank Aktiengesellschaft dropped their target price on Core & Main from $41.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, January 10th. Truist Financial dropped their target price on Core & Main to $22.00 in a research report on Wednesday, December 14th. Finally, Robert W. Baird dropped their target price on Core & Main from $30.00 to $29.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 24th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Core & Main presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.44.
About Core & Main
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 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, and other related products; fire protection products, including fire protection pipes, sprinkler heads and other devices, fire suppression systems, and related accessories, as well as fabrication services; and meter products, such as smart meter products, installation, software and other services.
Further Reading
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