Verition Fund Management LLC Makes New $245,000 Investment in Core & Main, Inc. (NYSE:CNM)

Verition Fund Management LLC acquired a new stake in shares of Core & Main, Inc. (NYSE:CNM – Get Rating) during the third quarter, Holdings Channel reports. The firm acquired 10,790 shares of the company’s stock, valued at approximately $245,000.

Other large investors also recently modified their holdings of the company. Vontobel Holding Ltd. boosted its stake in Core & Main by 34.0% in the 3rd quarter. Vontobel Holding Ltd. now owns 62,222 shares of the company’s stock valued at $1,413,000 after buying an additional 15,790 shares in the last quarter. Convergence Investment Partners LLC bought a new position in shares of Core & Main during the third quarter valued at $124,000. Ergoteles LLC boosted its stake in shares of Core & Main by 50.8% in the 3rd quarter. Ergoteles LLC now owns 45,000 shares of the company’s stock valued at $1,023,000 after purchasing an additional 15,157 shares in the last quarter. Natixis Advisors L.P. grew its holdings in shares of Core & Main by 14.9% in the 2nd quarter. Natixis Advisors L.P. now owns 230,406 shares of the company’s stock worth $5,138,000 after purchasing an additional 29,795 shares during the last quarter. Finally, Pendal Group Ltd increased its position in shares of Core & Main by 36.1% during the 3rd quarter. Pendal Group Ltd now owns 117,155 shares of the company’s stock worth $2,664,000 after purchasing an additional 31,102 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

Core & Main Stock Performance

Core & Main stock opened at $22.89 on Friday. The company has a market cap of $5.63 billion, a PE ratio of 10.90, a PEG ratio of 0.66 and a beta of 0.82. The company has a current ratio of 2.49, a quick ratio of 1.32 and a debt-to-equity ratio of 0.65. Core & Main, Inc. has a 1 year low of $18.75 and a 1 year high of $26.63. The company’s 50-day moving average is $22.02 and its two-hundred day moving average is $22.05.

Core & Main (NYSE:CNM – Get Rating) last announced its quarterly earnings data on Tuesday, December 13th. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.05. Core & Main had a net margin of 5.52% and a return on equity of 22.01%. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.78 billion. Equities analysts anticipate that Core & Main, Inc. will post 2.15 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CNM shares. The Goldman Sachs Group reduced their price target on shares of Core & Main from $29.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday, December 15th. Truist Financial decreased their price target on Core & Main to $22.00 in a research report on Wednesday, December 14th. Robert W. Baird cut their price objective on Core & Main from $30.00 to $29.00 and set an “outperform” rating for the company in a research report on Tuesday, January 24th. Deutsche Bank Aktiengesellschaft decreased their target price on Core & Main from $41.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, January 10th. Finally, Citigroup lowered their target price on Core & Main from $26.00 to $22.00 and set a “neutral” rating for the company in a research note on Friday, December 16th. Three equities research 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 $28.44.

Insider Activity at Core & Main

In related news, General Counsel Mark G. Whittenburg sold 24,793 shares of the stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $23.04, for a total value of $571,230.72. Following the transaction, the general counsel now directly owns 5,286 shares in the company, valued at $121,789.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Core & Main news, General Counsel Mark G. Whittenburg sold 31,204 shares of the stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $24.02, for a total value of $749,520.08. Following the sale, the general counsel now directly owns 5,286 shares in the company, valued at $126,969.72. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Mark G. Whittenburg sold 24,793 shares of the stock in a transaction on Friday, February 24th. The stock was sold at an average price of $23.04, for a total transaction of $571,230.72. Following the completion of the sale, the general counsel now owns 5,286 shares in the company, valued at $121,789.44. The disclosure for this sale can be found here. Insiders have sold 129,171 shares of company stock worth $3,072,903 over the last ninety days. Company insiders own 1.20% of the company’s stock.

Core & Main Company Profile

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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.