Core & Main, Inc. $CNM Position Trimmed by Schroder Investment Management Group

Key Points

• Schroder Investment Management Group reduced its position in Core & Main by 6.5% in Q3, selling 28,784 shares and leaving it with 417,252 shares (about 0.21%) valued at $22.46 million.
• Core & Main beat quarterly EPS estimates ($0.89 vs. $0.72) and its board approved a $500 million share buyback program authorizing repurchases of up to 5% of outstanding shares.
• Analysts hold a consensus “Moderate Buy” with a $62 target; the stock trades near $47.61 (down 3.2%), market cap ~$9.31B, and institutional investors own roughly 94.19% of the company.

Schroder Investment Management Group decreased its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 6.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 417,252 shares of the company's stock after selling 28,784 shares during the quarter. Schroder Investment Management Group owned 0.21% of Core & Main worth $22,461,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CNM. EverSource Wealth Advisors LLC boosted its stake in shares of Core & Main by 145.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock worth $27,000 after acquiring an additional 269 shares in the last quarter. Cubist Systematic Strategies LLC raised its position in shares of Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after purchasing an additional 524 shares during the period. Rothschild Investment LLC lifted its holdings in shares of Core & Main by 5,013.3% during the third quarter. Rothschild Investment LLC now owns 767 shares of the company's stock valued at $41,000 after purchasing an additional 752 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in shares of Core & Main by 47.8% during the third quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company's stock valued at $52,000 after purchasing an additional 311 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in shares of Core & Main by 108.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,026 shares of the company's stock valued at $55,000 after purchasing an additional 534 shares during the period. Institutional investors own 94.19% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on CNM shares. Zacks Research downgraded Core & Main from a "strong-buy" rating to a "hold" rating in a report on Monday, February 9th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $63.00 target price on shares of Core & Main in a report on Friday, January 9th. Wells Fargo & Company lifted their target price on shares of Core & Main from $57.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 14th. Citigroup boosted their price target 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. Finally, JPMorgan Chase & Co. upped their price target on shares of Core & Main from $58.00 to $59.00 and gave the company an "overweight" rating in a research report on Wednesday, December 10th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Core & Main has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

Core & Main Stock Down 3.2%

NYSE:CNM opened at $47.61 on Friday. The firm has a market capitalization of $9.31 billion, a price-to-earnings ratio of 20.97, a PEG ratio of 1.81 and a beta of 0.98. Core & Main, Inc. has a 1-year low of $43.17 and a 1-year high of $67.18. 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 business's fifty day moving average price is $55.39 and its 200 day moving average price is $53.71.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings data on Tuesday, December 9th. The company reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.17. The firm had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.06 billion. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The business's quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the company posted $0.69 EPS. On average, sell-side analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

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

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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