Core & Main, Inc. $CNM Shares Sold by Fernbridge Capital Management LP

Key Points

• Fernbridge Capital trimmed its stake by 29.4%, selling 314,603 shares and now holds 756,635 shares (about 0.38% of CNM) valued at roughly $40.7 million, making it the firm's 17th-largest holding.
• Core & Main authorized a $500 million share buyback (up to 5% of shares) and beat Q results with $0.89 EPS vs. $0.72 expected on $2.06 billion revenue, with revenue up 1.2% year-over-year.
• Analysts remain largely positive—seven Buys and five Holds—giving a consensus "Moderate Buy" and a $62 average price target after several firms raised their targets into the high-$50s/low-$60s.

Fernbridge Capital Management LP trimmed its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 29.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 756,635 shares of the company's stock after selling 314,603 shares during the quarter. Core & Main comprises approximately 2.0% of Fernbridge Capital Management LP's portfolio, making the stock its 17th largest holding. Fernbridge Capital Management LP owned approximately 0.38% of Core & Main worth $40,730,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CNM. EverSource Wealth Advisors LLC increased its holdings in shares of Core & Main by 145.4% in the second 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 boosted its stake in 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 buying an additional 524 shares during the last quarter. Rothschild Investment LLC boosted its stake in Core & Main by 5,013.3% during the third 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 grew its holdings in Core & Main by 47.8% in 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 in the last quarter. Finally, Farther Finance Advisors LLC increased its stake 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 worth $55,000 after acquiring an additional 534 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Stock Performance

NYSE CNM opened at $48.05 on Friday. The stock has a market cap of $9.39 billion, a PE ratio of 21.17, a P/E/G ratio of 1.76 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. The stock has a fifty day simple moving average of $55.28 and a 200-day simple moving average of $53.59.

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, beating the consensus estimate of $0.72 by $0.17. The firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.06 billion. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. Core & Main's revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.69 EPS. Equities analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Core & Main from $63.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, December 11th. 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 note on Wednesday, January 14th. JPMorgan Chase & Co. increased their price target on shares of Core & Main from $58.00 to $59.00 and gave the company an "overweight" rating in a research note on Wednesday, December 10th. Citigroup raised their price target on shares of Core & Main from $56.00 to $60.00 and gave the stock a "neutral" rating in a report on Thursday, January 8th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $63.00 price target on shares of Core & Main in a report on Friday, January 9th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.00.

Core & Main 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.

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