Meritage Portfolio Management Raises Position in Core & Main, Inc. (NYSE:CNM)

Meritage Portfolio Management lifted its position in shares of Core & Main, Inc. (NYSE:CNM) by 7.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,502 shares of the company’s stock after acquiring an additional 923 shares during the quarter. Meritage Portfolio Management’s holdings in Core & Main were worth $687,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in CNM. FMR LLC increased its position in Core & Main by 28.0% during the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock worth $386,151,000 after purchasing an additional 1,903,280 shares during the period. State Street Corp grew its holdings in Core & Main by 9.7% during the third quarter. State Street Corp now owns 5,522,009 shares of the company’s stock worth $245,177,000 after acquiring an additional 489,224 shares during the period. Pacer Advisors Inc. raised its position in Core & Main by 1.0% in the third quarter. Pacer Advisors Inc. now owns 4,250,219 shares of the company’s stock worth $188,710,000 after acquiring an additional 41,521 shares in the last quarter. Royal London Asset Management Ltd. lifted its holdings in Core & Main by 39.9% in the third quarter. Royal London Asset Management Ltd. now owns 3,761,906 shares of the company’s stock valued at $167,029,000 after acquiring an additional 1,073,451 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Core & Main by 14.5% in the third quarter. Geode Capital Management LLC now owns 3,261,964 shares of the company’s stock valued at $144,869,000 after acquiring an additional 412,520 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Stock Performance

Core & Main stock opened at $54.56 on Thursday. Core & Main, Inc. has a fifty-two week low of $37.22 and a fifty-two week high of $62.15. The company has a market capitalization of $10.84 billion, a price-to-earnings ratio of 25.62, a PEG ratio of 3.12 and a beta of 1.03. The stock has a fifty day moving average of $53.04 and a two-hundred day moving average of $48.49. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. The firm had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $1.99 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 EPS. On average, analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Insider Activity

In other news, CEO Stephen O. Leclair sold 200,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the completion of the sale, the chief executive officer now directly owns 92,349 shares of the company’s stock, valued at $5,068,113.12. The trade was a 68.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Bradford A. Cowles sold 50,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $55.07, for a total value of $2,753,500.00. Following the sale, the president now owns 18,423 shares of the company’s stock, valued at approximately $1,014,554.61. The trade was a 73.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 427,426 shares of company stock valued at $22,923,825 over the last 90 days. Insiders own 3.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CNM shares. The Goldman Sachs Group increased their price target on shares of Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday, December 5th. Wells Fargo & Company lifted their price target on shares of Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday. Royal Bank of Canada restated an “outperform” rating and issued a $62.00 price target (up previously from $53.00) on shares of Core & Main in a report on Wednesday, December 4th. Robert W. Baird lifted their price objective on Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Citigroup boosted their target price on Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, January 6th. One investment 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.60.

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.