American International Group Inc. Buys 41,229 Shares of Core & Main, Inc. (NYSE:CNM)

American International Group Inc. increased its stake in Core & Main, Inc. (NYSE:CNM) by 22.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 225,823 shares of the company’s stock after purchasing an additional 41,229 shares during the quarter. American International Group Inc.’s holdings in Core & Main were worth $12,928,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CNM. Vanguard Group Inc. raised its holdings in Core & Main by 35.2% during the 1st quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock valued at $1,038,457,000 after acquiring an additional 4,721,510 shares during the period. Handelsbanken Fonder AB raised its holdings in Core & Main by 180.1% during the 4th quarter. Handelsbanken Fonder AB now owns 2,707,385 shares of the company’s stock valued at $109,405,000 after acquiring an additional 1,740,685 shares during the period. Artemis Investment Management LLP raised its holdings in Core & Main by 148.0% during the 1st quarter. Artemis Investment Management LLP now owns 2,650,209 shares of the company’s stock valued at $151,655,000 after acquiring an additional 1,581,389 shares during the period. Bessemer Group Inc. raised its holdings in Core & Main by 915.9% during the 1st quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock valued at $148,073,000 after acquiring an additional 2,331,802 shares during the period. Finally, First Trust Advisors LP raised its holdings in Core & Main by 2.8% during the 4th quarter. First Trust Advisors LP now owns 2,403,921 shares of the company’s stock valued at $97,142,000 after acquiring an additional 66,575 shares during the period. Institutional investors own 94.19% of the company’s stock.

Core & Main Price Performance

Shares of Core & Main stock traded up $0.75 during trading on Thursday, hitting $51.53. The stock had a trading volume of 711,563 shares, compared to its average volume of 2,507,943. The firm has a market cap of $10.38 billion, a price-to-earnings ratio of 23.71, a P/E/G ratio of 2.02 and a beta of 1.06. Core & Main, Inc. has a 12 month low of $27.75 and a 12 month high of $62.15. The business’s 50-day moving average is $52.40 and its 200 day moving average is $51.04. The company has a current ratio of 2.14, a quick ratio of 1.23 and a debt-to-equity ratio of 1.46.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, June 4th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.02). Core & Main had a return on equity of 20.01% and a net margin of 5.53%. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter last year, the firm posted $0.50 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Core & Main, Inc. will post 2.32 earnings per share for the current year.

Insider Buying and Selling

In related news, Director James G. Castellano sold 12,500 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $52.22, for a total value of $652,750.00. Following the completion of the transaction, the director now directly owns 11,769 shares in the company, valued at $614,577.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director James G. Castellano sold 12,500 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $52.22, for a total value of $652,750.00. Following the completion of the transaction, the director now directly owns 11,769 shares in the company, valued at $614,577.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark R. Witkowski sold 50,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $59.50, for a total transaction of $2,975,000.00. Following the completion of the transaction, the chief financial officer now owns 23,898 shares of the company’s stock, valued at $1,421,931. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 62,700 shares of company stock worth $3,637,752. Corporate insiders own 3.49% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $60.00 target price on shares of Core & Main in a report on Wednesday, June 5th. Citigroup cut shares of Core & Main from a “buy” rating to a “neutral” rating and boosted their target price for the company from $63.00 to $64.00 in a report on Friday, April 5th. Finally, Truist Financial decreased their price target on shares of Core & Main from $56.00 to $50.00 and set a “hold” rating on the stock in a report on Wednesday, June 5th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.90.

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.