Core & Main, Inc. $CNM Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Core & Main stake by 10.8%, selling 534,725 shares in the third quarter; it retained 4.43 million shares, valued at about $183.7 million.
• Other institutional investors adjusted or added to their positions, and institutional investors and hedge funds collectively owned 94.19% of the company’s stock.
• Core & Main beat quarterly earnings and revenue estimates, reporting $0.94 per share and $2.15 billion in revenue. Analysts’ average rating was “Moderate Buy,” with an average price target of $54.27.

Pictet Asset Management Holding SA decreased its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 10.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 4,428,185 shares of the company's stock after selling 534,725 shares during the period. Pictet Asset Management Holding SA owned approximately 2.32% of Core & Main worth $183,684,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. California State Teachers Retirement System grew its stake in shares of Core & Main by 22.3% during the first quarter. California State Teachers Retirement System now owns 219,934 shares of the company's stock worth $10,865,000 after purchasing an additional 40,050 shares during the period. KBC Group NV lifted its stake in Core & Main by 4.5% in the first quarter. KBC Group NV now owns 2,737,992 shares of the company's stock valued at $135,257,000 after buying an additional 119,076 shares during the period. Wellington Management Group LLP lifted its stake in Core & Main by 52.5% in the second quarter. Wellington Management Group LLP now owns 251,724 shares of the company's stock valued at $12,146,000 after buying an additional 86,672 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Core & Main during the second quarter worth about $4,461,000. Finally, Bornite Capital Management LP bought a new position in Core & Main during the second quarter worth about $36,622,000. Institutional investors and hedge funds own 94.19% of the company's stock.

Core & Main Stock Performance

CNM stock opened at $45.83 on Monday. Core & Main, Inc. has a 1-year low of $39.42 and a 1-year high of $59.66. The company has a current ratio of 2.47, a quick ratio of 1.51 and a debt-to-equity ratio of 1.16. The firm has a market cap of $8.73 billion, a PE ratio of 18.86, a P/E/G ratio of 1.92 and a beta of 0.91. The business's 50-day moving average price is $42.49 and its two-hundred day moving average price is $47.73.

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CNM. Northcoast Research downgraded shares of Core & Main from a "buy" rating to a "neutral" rating in a research report on Wednesday, August 26th. Robert W. Baird decreased their price objective on shares of Core & Main from $66.00 to $57.00 and set an "outperform" rating for the company in a report on Thursday, September 10th. William Blair initiated coverage on shares of Core & Main in a report on Thursday, July 23rd. They set a "market perform" rating for the company. Citigroup lowered their target price on shares of Core & Main from $53.00 to $46.00 and set a "neutral" rating for the company in a research note on Friday, September 11th. Finally, Truist Financial cut their target price on shares of Core & Main from $50.00 to $45.00 and set a "hold" rating on the stock in a report on Thursday, September 10th. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $54.27.

Core & Main Company Profile

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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