Headlands Technologies LLC Makes New $95,000 Investment in Core & Main, Inc. (NYSE:CNM)

Headlands Technologies LLC acquired a new position in shares of Core & Main, Inc. (NYSE:CNM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,350 shares of the company’s stock, valued at approximately $95,000.

A number of other hedge funds also recently modified their holdings of the stock. Renaissance Capital LLC boosted its stake in shares of Core & Main by 59.0% during the fourth quarter. Renaissance Capital LLC now owns 85,574 shares of the company’s stock valued at $3,458,000 after purchasing an additional 31,740 shares in the last quarter. State of Michigan Retirement System acquired a new position in Core & Main during the 4th quarter worth about $1,325,000. Exchange Traded Concepts LLC grew its position in shares of Core & Main by 328.1% in the 4th quarter. Exchange Traded Concepts LLC now owns 78,854 shares of the company’s stock valued at $3,186,000 after buying an additional 60,435 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of Core & Main by 4.4% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,734,897 shares of the company’s stock valued at $70,107,000 after buying an additional 73,790 shares during the period. Finally, New York State Teachers Retirement System bought a new position in shares of Core & Main during the fourth quarter worth about $1,805,000. Institutional investors own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

CNM has been the subject of several recent analyst reports. Barclays raised their target price on Core & Main from $49.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. JPMorgan Chase & Co. lifted their price target on shares of Core & Main from $38.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Citigroup downgraded shares of Core & Main from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $63.00 to $64.00 in a research report on Friday, April 5th. Royal Bank of Canada upped their target price on shares of Core & Main from $59.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, March 20th. Finally, Loop Capital lifted their price target on Core & Main from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and an average price target of $50.08.

Core & Main Stock Performance

NYSE:CNM opened at $57.41 on Tuesday. The stock has a market cap of $11.56 billion, a P/E ratio of 26.70, a PEG ratio of 1.77 and a beta of 1.15. The company has a quick ratio of 1.30, a current ratio of 2.29 and a debt-to-equity ratio of 1.22. The business’s 50-day moving average price is $53.40 and its two-hundred day moving average price is $42.97. Core & Main, Inc. has a twelve month low of $25.94 and a twelve month high of $60.83.

Core & Main (NYSE:CNM) last released its earnings results on Tuesday, March 19th. The company reported $0.34 EPS for the quarter, meeting analysts’ consensus estimates of $0.34. Core & Main had a return on equity of 18.22% and a net margin of 5.54%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter in the prior year, the firm earned $0.31 earnings per share. The firm’s revenue was up 4.8% on a year-over-year basis. As a group, equities analysts predict that Core & Main, Inc. will post 2.59 EPS for the current fiscal year.

Insider Activity at Core & Main

In other news, VP Jeffrey D. Giles sold 40,000 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $44.14, for a total value of $1,765,600.00. Following the completion of the sale, the vice president now directly owns 8,217 shares of the company’s stock, valued at approximately $362,698.38. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Jeffrey D. Giles sold 40,000 shares of Core & Main stock in a transaction dated 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 completion of the transaction, the vice president now directly owns 8,217 shares of the company’s stock, valued at approximately $362,698.38. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO John Weldon Stephens sold 9,497 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $55.19, for a total value of $524,139.43. Following the transaction, the chief accounting officer now directly owns 4,281 shares of the company’s stock, valued at approximately $236,268.39. The disclosure for this sale can be found here. Insiders have sold a total of 520,500 shares of company stock worth $25,511,067 in the last 90 days. Company insiders own 3.49% of the company’s stock.

About Core & Main

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.