CenterBook Partners LP Acquires 31,064 Shares of Core & Main, Inc. $CNM

Key Points

• CenterBook Partners increased its Core & Main stake by 447.2% in the third quarter, adding 31,064 shares to hold 38,010 shares valued at about $1.58 million.
• Institutional investors own 94.19% of Core & Main, with several firms also expanding their positions during the quarter.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $54.27. Core & Main’s latest quarterly results topped estimates for earnings and revenue, while revenue rose 2.5% year over year.

CenterBook Partners LP raised its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 447.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,010 shares of the company's stock after buying an additional 31,064 shares during the period. CenterBook Partners LP's holdings in Core & Main were worth $1,577,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CNM. Kestra Advisory Services LLC purchased a new position in shares of Core & Main in the third quarter valued at about $418,000. Commonwealth Equity Services LLC raised its position in Core & Main by 7.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 10,258 shares of the company's stock valued at $426,000 after purchasing an additional 708 shares during the last quarter. Boston Trust Walden Corp raised its position in Core & Main by 177.8% during the 3rd quarter. Boston Trust Walden Corp now owns 439,722 shares of the company's stock valued at $18,240,000 after purchasing an additional 281,441 shares during the last quarter. ARGA Investment Management LP lifted its holdings in Core & Main by 47.7% in the 3rd quarter. ARGA Investment Management LP now owns 34,669 shares of the company's stock worth $1,438,000 after buying an additional 11,204 shares during the period. Finally, Hedeker Wealth LLC lifted its holdings in Core & Main by 7.2% in the 3rd quarter. Hedeker Wealth LLC now owns 8,985 shares of the company's stock worth $373,000 after buying an additional 603 shares during the period. Hedge funds and other institutional investors own 94.19% of the company's stock.

Wall Street Analysts Forecast Growth

CNM has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Core & Main from a "hold" rating to a "buy" rating in a research report on Sunday, October 18th. Jefferies Financial Group initiated coverage on Core & Main in a research note on Wednesday, November 4th. They set a "buy" rating and a $53.00 price objective for the company. Zacks Research downgraded shares of Core & Main from a "hold" rating to a "strong sell" rating in a research note on Monday, September 14th. The Goldman Sachs Group restated a "neutral" rating and issued a $53.00 price target on shares of Core & Main in a research note on Thursday, September 10th. Finally, Deutsche Bank Aktiengesellschaft set a $55.00 price target on Core & Main in a report on Thursday, September 10th. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $54.27.

Core & Main Trading Up 3.7%

Shares of CNM stock opened at $47.67 on Tuesday. The firm has a fifty day moving average price of $42.59 and a 200-day moving average price of $47.68. Core & Main, Inc. has a 1 year low of $39.42 and a 1 year high of $59.66. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.47 and a quick ratio of 1.51. The company has a market cap of $9.08 billion, a price-to-earnings ratio of 19.62, a PEG ratio of 2.04 and a beta of 0.91.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Wednesday, September 9th. The company reported $0.94 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.03. Core & Main had a return on equity of 25.98% and a net margin of 5.96%. The business had revenue of $2.15 billion during the quarter, compared to analysts' expectations of $2.14 billion. During the same quarter in the prior year, the business posted $0.87 earnings per share. The business's quarterly revenue was up 2.5% on a year-over-year basis. As a group, equities analysts predict that Core & Main, Inc. will post 3.00 earnings per share for the current year.

About Core & Main

Core & Main, Inc is a distributor of products and services used in water, wastewater, storm drainage, and fire protection infrastructure. Its customers include municipalities, water utilities, contractors, and other commercial and industrial organizations.

The company offers products such as pipe, valves, fittings, hydrants, meters, and related supplies. It also provides services supporting infrastructure projects, including product fabrication and technical assistance.

Based in St.

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