Envestnet Asset Management Inc. Purchases 30,262 Shares of Core & Main, Inc. $CNM

Envestnet Asset Management Inc. boosted its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 16.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 218,050 shares of the company’s stock after purchasing an additional 30,262 shares during the period. Envestnet Asset Management Inc.’s holdings in Core & Main were worth $11,738,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CNM. Thrivent Financial for Lutherans raised its position in Core & Main by 42.4% in the second quarter. Thrivent Financial for Lutherans now owns 208,499 shares of the company’s stock valued at $12,583,000 after purchasing an additional 62,096 shares during the last quarter. Wolverine Asset Management LLC acquired a new position in shares of Core & Main in the third quarter valued at approximately $1,130,000. Jennison Associates LLC raised its holdings in Core & Main by 41.7% in the 3rd quarter. Jennison Associates LLC now owns 2,087,166 shares of the company’s stock valued at $112,352,000 after buying an additional 614,595 shares during the last quarter. Pembroke Management LTD boosted its position in Core & Main by 26.6% during the 3rd quarter. Pembroke Management LTD now owns 909,216 shares of the company’s stock worth $48,943,000 after buying an additional 190,879 shares during the period. Finally, SG Americas Securities LLC grew its holdings in Core & Main by 286.4% during the 3rd quarter. SG Americas Securities LLC now owns 122,806 shares of the company’s stock worth $6,611,000 after acquiring an additional 91,026 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Wall Street Analysts Forecast Growth

CNM has been the subject of several analyst reports. Wells Fargo & Company raised their price target on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. JPMorgan Chase & Co. raised their target price on Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Barclays reduced their price target on Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Monday, December 1st. Robert W. Baird increased their price target on Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Core & Main has an average rating of “Moderate Buy” and an average target price of $62.00.

Core & Main Stock Performance

Shares of CNM stock opened at $57.39 on Wednesday. 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 firm has a fifty day simple moving average of $55.70 and a two-hundred day simple moving average of $54.90. Core & Main, Inc. has a 12 month low of $43.17 and a 12 month high of $67.18. The firm has a market capitalization of $11.22 billion, a PE ratio of 25.28, a price-to-earnings-growth ratio of 2.14 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.17. The firm had revenue of $2.06 billion during 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 period last year, the company earned $0.69 earnings per share. Analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main announced that its Board of Directors has initiated a stock buyback program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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.