Ontario Teachers Pension Plan Board Acquires Shares of 8,653 Core & Main, Inc. (NYSE:CNM)

Ontario Teachers Pension Plan Board acquired a new stake in Core & Main, Inc. (NYSE:CNM) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 8,653 shares of the company’s stock, valued at approximately $350,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CNM. FMR LLC increased its position in Core & Main by 51.1% in the 3rd quarter. FMR LLC now owns 7,865,719 shares of the company’s stock valued at $226,926,000 after acquiring an additional 2,660,097 shares in the last quarter. Pacer Advisors Inc. bought a new position in shares of Core & Main in the 4th quarter valued at about $91,771,000. Handelsbanken Fonder AB boosted its stake in shares of Core & Main by 180.1% in the 4th quarter. Handelsbanken Fonder AB now owns 2,707,385 shares of the company’s stock valued at $109,405,000 after purchasing an additional 1,740,685 shares during the last quarter. Norges Bank bought a new position in shares of Core & Main in the 4th quarter valued at about $69,282,000. Finally, Vanguard Group Inc. boosted its stake in shares of Core & Main by 14.3% in the 3rd quarter. Vanguard Group Inc. now owns 9,490,896 shares of the company’s stock valued at $273,812,000 after purchasing an additional 1,187,700 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Insider Activity

In other news, General Counsel Mark G. Whittenburg sold 50,000 shares of Core & Main stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $57.91, for a total value of $2,895,500.00. Following the sale, the general counsel now directly owns 12,933 shares in the company, valued at $748,950.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, General Counsel Mark G. Whittenburg sold 50,000 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $57.91, for a total transaction of $2,895,500.00. Following the transaction, the general counsel now directly owns 12,933 shares in the company, valued at $748,950.03. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP John Weldon Stephens sold 43,900 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $50.02, for a total transaction of $2,195,878.00. Following the transaction, the vice president now owns 3,468 shares in the company, valued at $173,469.36. The disclosure for this sale can be found here. Insiders have sold 275,000 shares of company stock worth $15,442,117 over the last ninety days. Insiders own 3.49% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on CNM shares. JPMorgan Chase & Co. raised their target price on shares of Core & Main from $38.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Loop Capital lifted their price objective on shares of Core & Main from $58.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. The Goldman Sachs Group lifted their price objective on shares of Core & Main from $42.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 26th. Royal Bank of Canada lifted their price objective on shares of Core & Main from $59.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. Finally, Barclays lifted their price objective on shares of Core & Main from $49.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.08.

Core & Main Stock Performance

Shares of CNM opened at $60.15 on Monday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.30 and a current ratio of 2.29. Core & Main, Inc. has a twelve month low of $26.08 and a twelve month high of $62.15. The firm’s 50 day moving average price is $57.67 and its two-hundred day moving average price is $46.84. The firm has a market cap of $12.11 billion, a P/E ratio of 27.98, a PEG ratio of 1.86 and a beta of 1.14.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, March 19th. The company reported $0.34 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.34. Core & Main had a net margin of 5.54% and a return on equity of 18.22%. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period last year, the company earned $0.31 earnings per share. The firm’s revenue was up 4.8% compared to the same quarter last year. On average, analysts forecast that Core & Main, Inc. will post 2.59 EPS for the current fiscal year.

Core & Main Company Profile

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 sets, meter accessories, installation, software, and other services.