Franklin Resources Inc. Sells 141,074 Shares of Core & Main, Inc. (NYSE:CNM)

Franklin Resources Inc. lessened its holdings in Core & Main, Inc. (NYSE:CNM) by 42.7% in the third quarter, Holdings Channel reports. The institutional investor owned 189,651 shares of the company’s stock after selling 141,074 shares during the period. Franklin Resources Inc.’s holdings in Core & Main were worth $8,587,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new position in shares of Core & Main during the third quarter valued at $26,000. ORG Wealth Partners LLC acquired a new stake in Core & Main in the third quarter valued at $31,000. Wilmington Savings Fund Society FSB acquired a new stake in Core & Main in the third quarter valued at $49,000. GAMMA Investing LLC raised its position in Core & Main by 61.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after purchasing an additional 511 shares during the last quarter. Finally, Brown Brothers Harriman & Co. acquired a new position in Core & Main during the 2nd quarter worth about $76,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Trading Up 0.8 %

CNM opened at $50.54 on Friday. The company has a fifty day moving average price of $47.32 and a two-hundred day moving average price of $47.64. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $62.15. The company has a market cap of $10.04 billion, a P/E ratio of 23.73, a price-to-earnings-growth ratio of 2.95 and a beta of 1.04. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The firm’s revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 EPS. Analysts predict that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CNM. Wells Fargo & Company raised their price objective on Core & Main from $52.00 to $62.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Loop Capital raised their price target on shares of Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Truist Financial upped their price objective 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. The Goldman Sachs Group lifted their target price on shares of Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, December 5th. Finally, JPMorgan Chase & Co. cut their price target on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.10.

Insider Activity

In other Core & Main news, CEO Stephen O. Leclair sold 200,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the completion of the sale, the chief executive officer now owns 92,349 shares in the company, valued at approximately $5,068,113.12. The trade was a 68.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jeffrey D. Giles sold 25,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $54.71, for a total transaction of $1,367,750.00. Following the completion of the transaction, the executive vice president now directly owns 11,615 shares in the company, valued at $635,456.65. This trade represents a 68.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 290,000 shares of company stock worth $15,926,000 over the last quarter. 3.49% of the stock is currently 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.