Lazard Asset Management LLC Buys 215,472 Shares of Core & Main, Inc. (NYSE:CNM)

Lazard Asset Management LLC grew its stake in Core & Main, Inc. (NYSE:CNM) by 370.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 273,561 shares of the company’s stock after purchasing an additional 215,472 shares during the period. Lazard Asset Management LLC owned approximately 0.14% of Core & Main worth $15,661,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Core & Main by 14.3% during the third quarter. Vanguard Group Inc. now owns 9,490,896 shares of the company’s stock worth $273,812,000 after buying an additional 1,187,700 shares during the period. SG Americas Securities LLC raised its position in Core & Main by 96.4% in the 4th quarter. SG Americas Securities LLC now owns 41,940 shares of the company’s stock worth $1,695,000 after purchasing an additional 20,591 shares during the period. Global Retirement Partners LLC grew its position in Core & Main by 53.0% in the 4th quarter. Global Retirement Partners LLC now owns 3,075 shares of the company’s stock valued at $127,000 after acquiring an additional 1,065 shares during the last quarter. Caprock Group LLC boosted its stake in shares of Core & Main by 15.8% during the fourth quarter. Caprock Group LLC now owns 8,437 shares of the company’s stock valued at $341,000 after purchasing an additional 1,154 shares during the period. Finally, State of Alaska Department of Revenue bought a new position in shares of Core & Main in the fourth quarter worth about $594,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Trading Up 1.0 %

Core & Main stock opened at $54.05 on Monday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 2.14. The stock has a market cap of $10.89 billion, a PE ratio of 25.01, a price-to-earnings-growth ratio of 2.02 and a beta of 1.06. The stock has a 50-day moving average of $52.07 and a two-hundred day moving average of $51.28. Core & Main, Inc. has a one year low of $27.75 and a one year high of $62.15.

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

Analysts Set New Price Targets

CNM has been the subject of several recent research reports. Royal Bank of Canada restated an “outperform” rating and issued a $60.00 price objective on shares of Core & Main in a report on Wednesday, June 5th. Citigroup downgraded shares of Core & Main from a “buy” rating to a “neutral” rating and increased their price objective for the company from $63.00 to $64.00 in a research note on Friday, April 5th. Finally, Truist Financial reduced their price objective on shares of Core & Main from $56.00 to $50.00 and set a “hold” rating for the company in a research note on Wednesday, June 5th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.90.

Insider Buying and Selling

In other Core & Main news, Director James G. Castellano sold 12,500 shares of Core & Main stock in a transaction on Monday, July 15th. The shares were sold at an average price of $52.22, for a total transaction of $652,750.00. Following the sale, the director now owns 11,769 shares of the company’s stock, valued at approximately $614,577.18. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Core & Main news, Director James G. Castellano sold 12,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 11,769 shares of the company’s stock, valued at approximately $614,577.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark R. Witkowski sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $59.50, for a total value of $2,975,000.00. Following the completion of the sale, 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. 3.49% of the stock is owned by corporate insiders.

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.