50,000 Shares in Core & Main, Inc. $CNM Purchased by Circumference Group LLC

Key Points

• Circumference Group LLC opened a new position in Core & Main (NYSE:CNM) in Q3, purchasing 50,000 shares worth about $2.69 million, which represents 3.0% of Circumference's holdings and is its 14th-largest position.
• Core & Main's board approved a $500 million share repurchase program on December 9, authorizing buybacks of up to 5% of outstanding shares.
• Institutional ownership is very high (about 94.19%), and analysts hold a consensus rating of “Moderate Buy” with an average price target near $62 after several firms raised targets.

Circumference Group LLC bought a new position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 50,000 shares of the company's stock, valued at approximately $2,692,000. Core & Main accounts for 3.0% of Circumference Group LLC's holdings, making the stock its 14th biggest holding.

A number of other hedge funds also recently added to or reduced their stakes in the stock. California Public Employees Retirement System lifted its position in shares of Core & Main by 15.7% during the 3rd quarter. California Public Employees Retirement System now owns 423,375 shares of the company's stock valued at $22,790,000 after acquiring an additional 57,379 shares during the period. Chilton Investment Co. Inc. grew its holdings in shares of Core & Main by 17.8% in the 3rd quarter. Chilton Investment Co. Inc. now owns 106,966 shares of the company's stock worth $5,758,000 after acquiring an additional 16,137 shares during the period. Alliancebernstein L.P. increased its stake in Core & Main by 6.8% in the 3rd quarter. Alliancebernstein L.P. now owns 1,796,097 shares of the company's stock valued at $96,684,000 after purchasing an additional 113,895 shares in the last quarter. Schonfeld Strategic Advisors LLC increased its stake in Core & Main by 286.6% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company's stock valued at $74,276,000 after purchasing an additional 1,022,864 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new position in Core & Main during the third quarter worth $285,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Price Performance

CNM stock opened at $48.05 on Friday. The stock's 50 day moving average price is $55.28 and its 200 day moving average price is $53.51. The firm has a market cap of $9.39 billion, a P/E ratio of 21.17, a PEG ratio of 1.77 and a beta of 0.98. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26. Core & Main, Inc. has a 1 year low of $43.17 and a 1 year high of $67.18.

Core & Main announced that its board has approved a share repurchase plan on Tuesday, December 9th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. JPMorgan Chase & Co. boosted 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. Zacks Research downgraded Core & Main from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 9th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Core & Main from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, December 11th. Royal Bank Of Canada reissued an "outperform" rating and issued a $63.00 price objective on shares of Core & Main in a research note on Friday, January 9th. Finally, Citigroup raised their target price on shares of Core & Main from $56.00 to $60.00 and gave the company a "neutral" rating in a report on Thursday, January 8th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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