Southeast Asset Advisors LLC Sells 17,505 Shares of Core & Main, Inc. $CNM

Southeast Asset Advisors LLC lessened its stake in Core & Main, Inc. (NYSE:CNM) by 23.1% in the third quarter, HoldingsChannel reports. The firm owned 58,229 shares of the company’s stock after selling 17,505 shares during the period. Southeast Asset Advisors LLC’s holdings in Core & Main were worth $3,134,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Johnson Investment Counsel Inc. increased its holdings in shares of Core & Main by 0.6% in the third quarter. Johnson Investment Counsel Inc. now owns 43,070 shares of the company’s stock worth $2,318,000 after acquiring an additional 244 shares in the last quarter. Wedmont Private Capital boosted its stake in Core & Main by 5.6% in the 3rd quarter. Wedmont Private Capital now owns 4,733 shares of the company’s stock worth $241,000 after purchasing an additional 251 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Core & Main by 145.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after purchasing an additional 269 shares during the period. Simon Quick Advisors LLC lifted its holdings in shares of Core & Main by 1.7% in the second quarter. Simon Quick Advisors LLC now owns 16,186 shares of the company’s stock valued at $977,000 after purchasing an additional 272 shares in the last quarter. Finally, ProShare Advisors LLC grew its holdings in shares of Core & Main by 3.6% during the second quarter. ProShare Advisors LLC now owns 8,398 shares of the company’s stock worth $507,000 after buying an additional 295 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CNM shares. Robert W. Baird raised their price target on shares of Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. JPMorgan Chase & Co. raised their price objective on Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th. Citigroup upped their target price on Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, January 8th. Wells Fargo & Company raised their price target on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $62.00.

Core & Main Stock Performance

CNM opened at $58.19 on Monday. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04. Core & Main, Inc. has a 12-month low of $43.17 and a 12-month high of $67.18. The business has a 50 day moving average of $55.43 and a 200-day moving average of $54.97. The stock has a market cap of $11.38 billion, a price-to-earnings ratio of 25.63, a PEG ratio of 2.14 and a beta of 0.98.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Tuesday, December 9th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.17. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The business had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter in the prior year, the business earned $0.69 EPS. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, equities research analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Core & Main announced that its Board of Directors has initiated a stock buyback program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Core & Main Profile

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.