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Aug 17, 2023Natixis Advisors L.P. Boosts Holdings in Core & Main, Inc. (NYSE:CNM)
Natixis Advisors L.P. increased its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 15.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 270,704 shares of the company's stock after purchasing an additional 36,278 shares during the period. Natixis Advisors L.P. owned 0.11% of Core & Main worth $6,253,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in CNM. JPMorgan Chase & Co. raised its holdings in shares of Core & Main by 83.9% during the 1st quarter. JPMorgan Chase & Co. now owns 114,575 shares of the company's stock worth $2,772,000 after acquiring an additional 52,285 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Core & Main by 68.4% during the 1st quarter. Bank of New York Mellon Corp now owns 134,101 shares of the company's stock worth $3,245,000 after acquiring an additional 54,460 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Core & Main during the 1st quarter worth approximately $1,208,000. Acadian Asset Management LLC purchased a new stake in shares of Core & Main during the 1st quarter worth approximately $364,000. Finally, MetLife Investment Management LLC purchased a new stake in shares of Core & Main during the 1st quarter worth approximately $58,000. 94.19% of the stock is owned by hedge funds and other institutional investors.
In other news, President John R. Schaller sold 25,000 shares of the stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $31.96, for a total transaction of $799,000.00. Following the transaction, the president now owns 15,903 shares of the company's stock, valued at approximately $508,259.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, President John R. Schaller sold 25,000 shares of the firm's stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $31.96, for a total transaction of $799,000.00. Following the sale, the president now owns 15,903 shares of the company's stock, valued at $508,259.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Stephen O. Leclair sold 4,288 shares of the firm's stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $28.76, for a total value of $123,322.88. Following the sale, the chief executive officer now directly owns 73,692 shares in the company, valued at approximately $2,119,381.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,279,809 shares of company stock valued at $487,651,108. 3.49% of the stock is currently owned by corporate insiders.
Several analysts recently weighed in on CNM shares. TheStreet upgraded Core & Main from a "c" rating to a "b-" rating in a report on Monday, July 24th. Northcoast Research started coverage on Core & Main in a report on Tuesday, June 13th. They set a "buy" rating and a $40.00 price target on the stock. Royal Bank of Canada increased their price target on Core & Main from $26.00 to $33.00 in a report on Wednesday, June 7th. Deutsche Bank Aktiengesellschaft increased their price target on Core & Main from $42.00 to $44.00 in a report on Monday, June 12th. Finally, Loop Capital increased their price target on Core & Main from $33.00 to $38.00 in a report on Friday, August 11th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $34.80.
Check Out Our Latest Stock Analysis on Core & Main
Shares of Core & Main stock opened at $33.02 on Thursday. The stock's fifty day moving average is $31.33 and its two-hundred day moving average is $27.14. The company has a market capitalization of $7.63 billion, a PE ratio of 15.50 and a beta of 0.92. The company has a quick ratio of 1.42, a current ratio of 2.71 and a debt-to-equity ratio of 0.72. Core & Main, Inc. has a 52 week low of $18.75 and a 52 week high of $33.32.
Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly earnings results on Tuesday, June 6th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.03. Core & Main had a return on equity of 18.42% and a net margin of 5.52%. The business had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the company earned $0.74 EPS. The business's revenue was down 1.5% compared to the same quarter last year. As a group, analysts expect that Core & Main, Inc. will post 1.99 earnings per share for the current year.
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 accessories, installation, software, and other services.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
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