Core & Main, Inc. $CNM Shares Purchased by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors increased its stake in Core & Main by 1.7%, buying 38,896 shares to hold 2,309,551 shares (~1.17% of the company) worth about $124.3 million; overall institutional ownership stands at 94.19%.
• Core & Main beat quarterly EPS expectations ($0.89 vs. $0.72) while revenue was roughly flat year-over-year, and the board authorized a $500 million stock buyback program to repurchase up to 5% of shares.
• Analysts maintain a positive view with a consensus rating of "Moderate Buy" and a $62 target, and several brokerages have recently raised price targets (e.g., Wells Fargo to $65, Baird to $64, Citi to $60).

Dimensional Fund Advisors LP lifted its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 1.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,309,551 shares of the company's stock after purchasing an additional 38,896 shares during the quarter. Dimensional Fund Advisors LP owned about 1.17% of Core & Main worth $124,320,000 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. EverSource Wealth Advisors LLC boosted its holdings in Core & Main by 145.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock valued at $27,000 after purchasing an additional 269 shares during the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after buying an additional 524 shares during the period. Rothschild Investment LLC increased its holdings in shares of Core & Main by 5,013.3% during the 3rd quarter. Rothschild Investment LLC now owns 767 shares of the company's stock worth $41,000 after buying an additional 752 shares during the last quarter. Wilmington Savings Fund Society FSB raised its position in shares of Core & Main by 47.8% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company's stock valued at $52,000 after buying an additional 311 shares during the period. Finally, Farther Finance Advisors LLC raised its position in shares of Core & Main by 108.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,026 shares of the company's stock valued at $55,000 after buying an additional 534 shares during the period. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CNM. Wells Fargo & Company increased their price objective on Core & Main from $57.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 14th. Citigroup lifted their target price on Core & Main from $56.00 to $60.00 and gave the company a "neutral" rating in a research report on Thursday, January 8th. Robert W. Baird upped their price target on Core & Main from $62.00 to $64.00 and gave the company an "outperform" rating in a research note on Wednesday, December 10th. Barclays lowered their price target on Core & Main from $65.00 to $63.00 and set an "overweight" rating for the company in a report on Monday, December 1st. Finally, Zacks Research lowered shares of Core & Main from a "strong-buy" rating to a "hold" rating in a report on Monday, February 9th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $62.00.

Core & Main Price Performance

Shares of CNM opened at $49.12 on Thursday. The company has a market cap of $9.60 billion, a P/E ratio of 21.64, a PEG ratio of 1.82 and a beta of 0.98. Core & Main, Inc. has a fifty-two week low of $43.17 and a fifty-two 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 firm's 50 day moving average price is $55.48 and its 200 day moving average price is $53.75.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Tuesday, December 9th. The company reported $0.89 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $2.06 billion. During the same quarter last year, the company posted $0.69 EPS. The firm's revenue was up 1.2% compared to the same quarter last year. On average, research analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

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

Core & Main Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.