Federated Hermes Inc. Grows Stock Position in Core & Main, Inc. (NYSE:CNM)

Federated Hermes Inc. boosted its position in Core & Main, Inc. (NYSE:CNM) by 8,320.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,187 shares of the company’s stock after buying an additional 33,781 shares during the period. Federated Hermes Inc.’s holdings in Core & Main were worth $1,381,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CNM. FMR LLC boosted its holdings in shares of Core & Main by 51.1% in the third 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. purchased a new stake in Core & Main in the 4th quarter valued at approximately $91,771,000. Vanguard Group Inc. increased its position in Core & Main by 14.3% during the 3rd quarter. Vanguard Group Inc. now owns 9,490,896 shares of the company’s stock worth $273,812,000 after purchasing an additional 1,187,700 shares during the period. Artemis Investment Management LLP purchased a new position in shares of Core & Main during the 4th quarter worth approximately $43,191,000. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of Core & Main by 905.0% in the 3rd quarter. Qube Research & Technologies Ltd now owns 943,120 shares of the company’s stock valued at $27,209,000 after buying an additional 849,273 shares during the period. 94.19% of the stock is owned by institutional investors and hedge funds.

Core & Main Stock Performance

NYSE:CNM opened at $57.41 on Tuesday. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.29 and a quick ratio of 1.30. The firm has a market cap of $11.56 billion, a PE ratio of 26.70, a P/E/G ratio of 1.77 and a beta of 1.15. The firm has a 50 day simple moving average of $53.40 and a 200-day simple moving average of $42.97. Core & Main, Inc. has a 1-year low of $25.94 and a 1-year high of $60.83.

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

Insider Activity

In related news, VP John Weldon Stephens sold 1,100 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $50.02, for a total value of $55,022.00. Following the transaction, the vice president now directly owns 3,468 shares of the company’s stock, valued at approximately $173,469.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, VP John Weldon Stephens sold 1,100 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $50.02, for a total transaction of $55,022.00. Following the completion of the sale, the vice president now owns 3,468 shares of the company’s stock, valued at approximately $173,469.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Jeffrey D. Giles sold 40,000 shares of Core & Main stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $44.14, for a total transaction of $1,765,600.00. Following the transaction, the vice president now directly owns 8,217 shares in the company, valued at $362,698.38. The disclosure for this sale can be found here. Insiders sold 520,500 shares of company stock valued at $25,511,067 in the last ninety days. Company insiders own 3.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CNM. Truist Financial reaffirmed a “hold” rating and set a $38.00 price objective on shares of Core & Main in a report on Wednesday, March 20th. Loop Capital increased their price target on shares of Core & Main from $58.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Barclays boosted their price objective on shares of Core & Main from $49.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, March 20th. JPMorgan Chase & Co. increased their target price on shares of Core & Main from $38.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. Finally, The Goldman Sachs Group boosted their price target on Core & Main from $42.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 26th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

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.