23,477 Shares in Core & Main, Inc. $CNM Bought by Okabena Investment Services Inc.

Okabena Investment Services Inc. purchased a new stake in shares of Core & Main, Inc. (NYSE:CNM) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 23,477 shares of the company’s stock, valued at approximately $1,264,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC lifted its position in Core & Main by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 3,472,477 shares of the company’s stock worth $209,597,000 after buying an additional 18,874 shares during the last quarter. Amundi grew its holdings in Core & Main by 2.8% in the 2nd quarter. Amundi now owns 3,357,973 shares of the company’s stock worth $186,955,000 after acquiring an additional 92,355 shares during the last quarter. Handelsbanken Fonder AB grew its stake in shares of Core & Main by 0.9% in 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 during the last quarter. Bank of America Corp DE increased its stake in shares of Core & Main by 20.6% during the second quarter. Bank of America Corp DE now owns 2,255,531 shares of the company’s stock valued at $136,121,000 after buying an additional 385,659 shares during the period. Finally, Jennison Associates LLC increased its position in Core & Main by 41.7% during the 3rd quarter. Jennison Associates LLC now owns 2,087,166 shares of the company’s stock valued at $112,352,000 after purchasing an additional 614,595 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CNM shares. Wells Fargo & Company lifted their price objective on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. JPMorgan Chase & Co. lifted their price target on Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Zacks Research cut Core & Main from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 9th. Citigroup raised their price objective on Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Finally, Robert W. Baird boosted their target price on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, December 10th. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

Core & Main Trading Down 1.9%

Core & Main stock opened at $54.10 on Friday. The business has a 50-day simple moving average of $55.79 and a two-hundred day simple moving average of $54.48. Core & Main, Inc. has a 52-week low of $43.17 and a 52-week high of $67.18. 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 cap of $10.58 billion, a P/E ratio of 23.83, a P/E/G ratio of 2.00 and a beta of 0.98.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, December 9th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.17. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter last year, the firm posted $0.69 earnings per share. The firm’s revenue was up 1.2% compared to the same quarter last year. Analysts predict 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 buyback $500.00 million in outstanding shares. This buyback authorization permits the company to buy up to 5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are 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.