Core & Main, Inc. $CNM Shares Acquired by First Trust Advisors LP

Key Points

• First Trust Advisors increased its stake in Core & Main by 10.7% in Q3, owning 3,835,835 shares (a 1.94% stake) valued at about $206.5 million, and institutional investors now control roughly 94.19% of the stock.
• Wall Street sentiment is generally positive with a consensus rating of "Moderate Buy" and a $62 price target as several firms (including Deutsche Bank, Wells Fargo and JPMorgan) have recently raised their price objectives.
• Core & Main beat quarterly EPS estimates ($0.89 vs. $0.72) on $2.06 billion in revenue and its board approved a $500 million share repurchase program (up to 5% of shares outstanding).

First Trust Advisors LP increased its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 10.7% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,835,835 shares of the company's stock after purchasing an additional 369,200 shares during the period. First Trust Advisors LP owned 1.94% of Core & Main worth $206,483,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Core & Main during the second quarter valued at approximately $116,333,000. Bornite Capital Management LP bought a new stake in shares of Core & Main in the 3rd quarter valued at approximately $53,830,000. AMF Tjanstepension AB acquired a new stake in shares of Core & Main during the 3rd quarter valued at approximately $41,558,000. Fernbridge Capital Management LP lifted its stake in Core & Main by 180.4% during the second quarter. Fernbridge Capital Management LP now owns 1,071,238 shares of the company's stock worth $64,649,000 after purchasing an additional 689,228 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in Core & Main by 41.7% during the third quarter. Jennison Associates LLC now owns 2,087,166 shares of the company's stock worth $112,352,000 after purchasing an additional 614,595 shares during the last quarter. 94.19% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CNM has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Core & Main from $63.00 to $65.00 and gave the company a "buy" rating in a research note on Thursday, December 11th. Citigroup boosted 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. Wells Fargo & Company upped their price objective on Core & Main from $57.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 14th. Robert W. Baird increased their target price on Core & Main from $62.00 to $64.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 10th. Finally, JPMorgan Chase & Co. raised their target price on Core & Main from $58.00 to $59.00 and gave the company an "overweight" rating in a research note on Wednesday, December 10th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

Core & Main Stock Performance

CNM opened at $49.82 on Friday. The business's 50 day moving average is $55.68 and its 200-day moving average is $54.06. The stock has a market cap of $9.74 billion, a PE ratio of 21.95, a price-to-earnings-growth ratio of 1.84 and a beta of 0.98. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. Core & Main, Inc. has a twelve month low of $43.17 and a twelve month high of $67.18.

Core & Main (NYSE:CNM - Get Free Report) last issued 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 return on equity of 24.63% and a net margin of 5.60%.The business had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.06 billion. During the same period in the prior year, the company posted $0.69 EPS. The business's revenue for the quarter was up 1.2% compared to the same quarter last year. On average, analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current year.

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