268,267 Shares in Core & Main, Inc. $CNM Bought by Hudson Bay Capital Management LP

Hudson Bay Capital Management LP purchased a new stake in Core & Main, Inc. (NYSE:CNM) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 268,267 shares of the company’s stock, valued at approximately $14,441,000. Hudson Bay Capital Management LP owned approximately 0.14% of Core & Main as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Modern Wealth Management LLC boosted its stake in shares of Core & Main by 5.8% during the 3rd quarter. Modern Wealth Management LLC now owns 3,970 shares of the company’s stock valued at $214,000 after purchasing an additional 218 shares in the last quarter. Johnson Investment Counsel Inc. raised its stake in 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 buying an additional 244 shares in the last quarter. Wedmont Private Capital lifted its holdings in Core & Main by 5.6% in the third quarter. Wedmont Private Capital now owns 4,733 shares of the company’s stock worth $241,000 after buying an additional 251 shares during the period. EverSource Wealth Advisors LLC boosted 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 valued at $27,000 after acquiring an additional 269 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in Core & Main by 3.6% during the 2nd quarter. ProShare Advisors LLC now owns 8,398 shares of the company’s stock valued at $507,000 after acquiring an additional 295 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors.

Core & Main Stock Performance

Core & Main stock opened at $47.46 on Friday. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $9.28 billion, a P/E ratio of 20.91, a PEG ratio of 1.88 and a beta of 0.98. The stock’s 50 day moving average is $54.72 and its 200 day moving average is $53.11. Core & Main, Inc. has a twelve month low of $43.17 and a twelve month high of $67.18.

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CNM shares. Zacks Research lowered Core & Main from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 9th. Citigroup increased their price objective on Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft raised their price objective on Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Barclays dropped their target price on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Monday, December 1st. Finally, Wells Fargo & Company increased their price target on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Core & Main presently has an average rating of “Moderate Buy” and an average target price of $62.00.

Core & Main Company 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.