Thematics Asset Management Boosts Stake in Core & Main, Inc. $CNM

Thematics Asset Management lifted its stake in shares of Core & Main, Inc. (NYSE:CNM) by 14.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 418,000 shares of the company’s stock after purchasing an additional 54,000 shares during the quarter. Thematics Asset Management’s holdings in Core & Main were worth $22,501,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CNM. EverSource Wealth Advisors LLC lifted its position in Core & Main by 145.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after acquiring an additional 269 shares during the period. Cubist Systematic Strategies LLC increased its holdings in shares of Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after purchasing an additional 524 shares during the period. Rothschild Investment LLC increased its holdings in shares of Core & Main by 5,013.3% in the third quarter. Rothschild Investment LLC now owns 767 shares of the company’s stock valued at $41,000 after purchasing an additional 752 shares during the period. Wilmington Savings Fund Society FSB raised its stake in shares of Core & Main by 47.8% in the third quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock worth $52,000 after purchasing an additional 311 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Core & Main by 108.5% during the third quarter. Farther Finance Advisors LLC now owns 1,026 shares of the company’s stock worth $55,000 after purchasing an additional 534 shares during the period. 94.19% of the stock is owned by institutional investors and hedge funds.

Core & Main Trading Up 0.9%

Shares of NYSE:CNM opened at $48.05 on Friday. The company has a current ratio of 2.26, a quick ratio of 1.35 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 $55.28 and a two-hundred day moving average of $53.59. The company has a market capitalization of $9.39 billion, a PE ratio of 21.17, a PEG ratio of 1.76 and a beta of 0.98.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Tuesday, December 9th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.17. The business had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.06 billion. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The business’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the company earned $0.69 EPS. As a group, analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current year.

Core & Main declared that its board has authorized a share repurchase plan on Tuesday, December 9th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts recently commented on CNM shares. Royal Bank Of Canada reiterated an “outperform” rating and issued a $63.00 target price on shares of Core & Main in a research report on Friday, January 9th. Robert W. Baird lifted their price objective on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Wells Fargo & Company upped their price objective on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Finally, Citigroup raised their target price on shares of Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, January 8th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Core & Main presently has an average rating of “Moderate Buy” and a consensus target price 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.