Bryce Point Capital LLC Makes New Investment in Core & Main, Inc. (NYSE:CNM)

Bryce Point Capital LLC bought a new stake in Core & Main, Inc. (NYSE:CNM) in the 4th quarter, Holdings Channel.com reports. The fund bought 34,736 shares of the company’s stock, valued at approximately $1,768,000. Core & Main makes up 0.5% of Bryce Point Capital LLC’s investment portfolio, making the stock its 28th largest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Cerity Partners LLC raised its holdings in Core & Main by 53.9% during the 3rd quarter. Cerity Partners LLC now owns 31,728 shares of the company’s stock worth $1,409,000 after purchasing an additional 11,118 shares during the last quarter. Captrust Financial Advisors raised its stake in shares of Core & Main by 11.6% during the third quarter. Captrust Financial Advisors now owns 29,444 shares of the company’s stock worth $1,307,000 after buying an additional 3,066 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Core & Main by 24.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 193,072 shares of the company’s stock valued at $8,572,000 after buying an additional 38,023 shares during the period. Millburn Ridgefield Corp bought a new position in Core & Main in the third quarter valued at approximately $118,000. Finally, Polar Asset Management Partners Inc. acquired a new stake in Core & Main during the 3rd quarter worth $3,024,000. Institutional investors own 94.19% of the company’s stock.

Core & Main Stock Up 2.2 %

Shares of CNM stock opened at $49.36 on Wednesday. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month 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 moving average of $51.58 and a 200-day moving average of $49.07. The company has a market capitalization of $9.81 billion, a price-to-earnings ratio of 23.17, a P/E/G ratio of 2.61 and a beta of 1.05.

Core & Main (NYSE:CNM) last released its earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). The firm had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.67 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. Core & Main’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter last year, the company posted $0.34 EPS. As a group, equities research analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CNM has been the topic of a number of analyst reports. Wells Fargo & Company increased their price target on Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Deutsche Bank Aktiengesellschaft began coverage on Core & Main in a research report on Tuesday. They set a “buy” rating and a $60.00 target price for the company. Citigroup increased their price target on shares of Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, January 6th. Robert W. Baird decreased their price objective on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. Finally, Truist Financial upped 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.55.

Insider Activity at Core & Main

In other news, General Counsel Mark G. Whittenburg sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $50.49, for a total transaction of $2,524,500.00. Following the completion of the transaction, the general counsel now directly owns 7,667 shares of the company’s stock, valued at $387,106.83. This trade represents a 86.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John R. Schaller sold 21,868 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $46.82, for a total transaction of $1,023,859.76. Following the completion of the sale, the executive vice president now directly owns 16,452 shares in the company, valued at approximately $770,282.64. This represents a 57.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 184,294 shares of company stock valued at $9,383,685. 3.49% of the stock is owned by insiders.

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.