Jennison Associates LLC Buys 614,595 Shares of Core & Main, Inc. $CNM

Jennison Associates LLC raised its position in shares of Core & Main, Inc. (NYSE:CNM) by 41.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 2,087,166 shares of the company’s stock after acquiring an additional 614,595 shares during the quarter. Jennison Associates LLC’s holdings in Core & Main were worth $112,352,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of CNM. Norges Bank purchased a new position in shares of Core & Main during the 2nd quarter valued at $116,333,000. Fernbridge Capital Management LP raised its stake in Core & Main by 180.4% in the 2nd quarter. Fernbridge Capital Management LP now owns 1,071,238 shares of the company’s stock valued at $64,649,000 after acquiring an additional 689,228 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in Core & Main in the 2nd quarter valued at about $25,461,000. Bank of America Corp DE lifted its holdings in Core & Main by 20.6% during the second quarter. Bank of America Corp DE now owns 2,255,531 shares of the company’s stock valued at $136,121,000 after purchasing an additional 385,659 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its position in Core & Main by 14.2% during the second quarter. Handelsbanken Fonder AB now owns 2,823,433 shares of the company’s stock worth $170,394,000 after purchasing an additional 351,219 shares during the period. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Stock Down 0.8%

Shares of NYSE:CNM opened at $58.59 on Friday. The firm has a fifty day moving average price of $52.77 and a two-hundred day moving average price of $55.76. The company has a market cap of $11.45 billion, a price-to-earnings ratio of 25.81, a PEG ratio of 2.33 and a beta of 0.98. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35. Core & Main, Inc. has a one year low of $43.17 and a one year high of $67.18.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Tuesday, December 9th. The company reported $0.72 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.72. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The firm’s revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.69 earnings per share. Analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main declared that its Board of Directors has approved a stock buyback program on Tuesday, December 9th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price target on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Zacks Research raised shares of Core & Main from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 31st. Deutsche Bank Aktiengesellschaft increased their target price on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. JPMorgan Chase & Co. lifted their price target on Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Finally, UBS Group assumed coverage on Core & Main in a research note on Monday, September 29th. They set a “buy” rating and a $65.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and a consensus target price of $62.00.

About Core & Main

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.