Edgestream Partners L.P. Takes Position in Core & Main, Inc. (NYSE:CNM)

Edgestream Partners L.P. acquired a new stake in shares of Core & Main, Inc. (NYSE:CNM) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 14,157 shares of the company’s stock, valued at approximately $721,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CNM. Raymond James Financial Inc. bought a new stake in shares of Core & Main during the 4th quarter valued at $115,555,000. PointState Capital LP purchased a new position in Core & Main during the third quarter valued at $100,013,000. FMR LLC grew its stake in Core & Main by 28.0% during the third quarter. FMR LLC now owns 8,697,084 shares of the company’s stock valued at $386,151,000 after acquiring an additional 1,903,280 shares in the last quarter. Impax Asset Management Group plc grew its stake in Core & Main by 373.0% during the third quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock valued at $89,416,000 after acquiring an additional 1,588,117 shares in the last quarter. Finally, Spruce House Investment Management LLC grew its stake in Core & Main by 400.0% during the third quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company’s stock valued at $66,600,000 after acquiring an additional 1,200,000 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP John R. Schaller sold 21,868 shares of Core & Main stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $46.82, for a total transaction of $1,023,859.76. Following the completion of the transaction, the executive vice president now directly owns 16,452 shares of the company’s stock, valued at approximately $770,282.64. The trade was a 57.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Bradford A. Cowles sold 25,000 shares of Core & Main stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $54.48, for a total transaction of $1,362,000.00. Following the transaction, the president now directly owns 16,010 shares of the company’s stock, valued at approximately $872,224.80. This represents a 60.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 184,294 shares of company stock valued at $9,383,685. Company insiders own 3.49% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CNM shares. Truist Financial raised their target price on shares of Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $62.00 target price (up from $53.00) on shares of Core & Main in a research note on Wednesday, December 4th. Barclays raised their target price on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group raised their target price on shares of Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a research note on Thursday, December 5th. Finally, Robert W. Baird lifted their price objective on shares of Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $57.60.

Core & Main Stock Performance

Shares of NYSE:CNM opened at $47.47 on Thursday. Core & Main, Inc. has a 52 week low of $37.22 and a 52 week high of $62.15. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The firm has a fifty day simple moving average of $52.80 and a two-hundred day simple moving average of $48.56. The stock has a market capitalization of $9.43 billion, a P/E ratio of 22.29, a PEG ratio of 2.61 and a beta of 1.05.

About Core & Main

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.