Moore Capital Management LP Takes $16.45 Million Position in Core & Main, Inc. $CNM

Moore Capital Management LP acquired a new position in Core & Main, Inc. (NYSE:CNM) in the 3rd quarter, HoldingsChannel.com reports. The firm acquired 305,560 shares of the company’s stock, valued at approximately $16,448,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its position in Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after buying an additional 269 shares during the last quarter. Cubist Systematic Strategies LLC increased its holdings in Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after buying an additional 524 shares during the period. Rothschild Investment LLC raised its position in Core & Main by 5,013.3% during the 3rd quarter. Rothschild Investment LLC now owns 767 shares of the company’s stock worth $41,000 after buying an additional 752 shares during the last quarter. Wilmington Savings Fund Society FSB raised its position in Core & Main by 47.8% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock worth $52,000 after buying an additional 311 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in Core & Main by 108.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,026 shares of the company’s stock valued at $55,000 after acquiring an additional 534 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Trading Down 0.4%

Shares of CNM stock opened at $47.89 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35. The company has a market cap of $9.36 billion, a price-to-earnings ratio of 21.10, a PEG ratio of 1.77 and a beta of 0.98. The stock has a 50 day simple moving average of $55.13 and a 200-day simple moving average of $53.30. Core & Main, Inc. has a 1-year low of $43.17 and a 1-year high of $67.18.

Core & Main declared that its board has authorized a share buyback program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently commented on CNM. 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 boosted their target price 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. 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. Robert W. Baird increased their price target on Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 10th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $63.00 price objective on shares of Core & Main in a research note on Friday, January 9th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to 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.