Capital World Investors Increases Holdings in Core & Main, Inc. $CNM

Capital World Investors raised its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 294.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 5,948,134 shares of the company’s stock after buying an additional 4,442,047 shares during the quarter. Capital World Investors’ holdings in Core & Main were worth $320,188,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. First Trust Advisors LP lifted its stake in Core & Main by 10.7% during the third quarter. First Trust Advisors LP now owns 3,835,835 shares of the company’s stock worth $206,483,000 after purchasing an additional 369,200 shares during the last quarter. Geode Capital Management LLC increased its stake in Core & Main by 0.5% in the second quarter. Geode Capital Management LLC now owns 3,472,477 shares of the company’s stock valued at $209,597,000 after purchasing an additional 18,874 shares during the last quarter. Amundi raised its holdings in Core & Main by 2.8% during the second quarter. Amundi now owns 3,357,973 shares of the company’s stock worth $186,955,000 after purchasing an additional 92,355 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in Core & Main by 0.9% during the third quarter. Handelsbanken Fonder AB now owns 2,850,232 shares of the company’s stock worth $153,428,000 after purchasing an additional 26,799 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Core & Main by 1.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,309,551 shares of the company’s stock worth $124,320,000 after buying an additional 38,896 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CNM. Zacks Research cut shares of Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Citigroup upped their price objective on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Robert W. Baird raised their price objective on Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a report on Wednesday, December 10th. Finally, Wells Fargo & Company lifted their target price on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $62.00.

Core & Main Trading Down 0.5%

NYSE:CNM opened at $49.12 on Thursday. Core & Main, Inc. has a 12-month low of $43.17 and a 12-month high of $67.18. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. The stock’s 50 day simple moving average is $55.48 and its 200-day simple moving average is $53.75. The firm has a market cap of $9.60 billion, a P/E ratio of 21.64, a PEG ratio of 1.82 and a beta of 0.98.

Core & Main (NYSE:CNM) last issued its quarterly earnings results 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. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The firm had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.06 billion. During the same period last year, the company earned $0.69 earnings per share. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. Equities analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current year.

Core & Main announced that its Board of Directors has authorized a stock buyback plan on Tuesday, December 9th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.