Core & Main, Inc. $CNM Holdings Raised by First Trust Advisors LP

First Trust Advisors LP boosted its stake in Core & Main, Inc. (NYSE:CNM) by 10.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,835,835 shares of the company’s stock after acquiring an additional 369,200 shares during the quarter. First Trust Advisors LP’s holdings in Core & Main were worth $206,483,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC raised its position in shares of Core & Main by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 3,472,477 shares of the company’s stock worth $209,597,000 after buying an additional 18,874 shares in the last quarter. Amundi increased its stake in shares of Core & Main by 2.8% during the second quarter. Amundi now owns 3,357,973 shares of the company’s stock valued at $186,955,000 after acquiring an additional 92,355 shares during the period. Handelsbanken Fonder AB increased its stake in shares of Core & Main by 0.9% during the third quarter. Handelsbanken Fonder AB now owns 2,850,232 shares of the company’s stock valued at $153,428,000 after acquiring an additional 26,799 shares during the period. Dimensional Fund Advisors LP raised its holdings in Core & Main by 1.7% during the third quarter. Dimensional Fund Advisors LP now owns 2,309,551 shares of the company’s stock worth $124,320,000 after purchasing an additional 38,896 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in Core & Main by 20.6% in the second quarter. Bank of America Corp DE now owns 2,255,531 shares of the company’s stock worth $136,121,000 after purchasing an additional 385,659 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Price Performance

NYSE CNM opened at $49.82 on Friday. Core & Main, Inc. has a 1 year low of $43.17 and a 1 year high of $67.18. The business’s fifty day moving average is $55.68 and its two-hundred day moving average is $54.06. The stock has a market capitalization of $9.74 billion, a P/E ratio of 21.95, a P/E/G ratio of 1.84 and a beta of 0.98. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Tuesday, December 9th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.17. The business had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.06 billion. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The company’s revenue was up 1.2% compared to the same quarter last year. During the same period last year, the company posted $0.69 EPS. On average, research analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Core & Main announced that its board has initiated a stock buyback program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Citigroup increased their price target on Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Barclays dropped their price objective on Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Monday, December 1st. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $63.00 target price on shares of Core & Main in a research note on Friday, January 9th. Deutsche Bank Aktiengesellschaft lifted their target price on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Finally, JPMorgan Chase & Co. upped their price target on shares of Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $62.00.

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.