Core & Main, Inc. $CNM Stock: Inspire Investing LLC Grows Holdings

Key Points

• Inspire Investing increased its Core & Main stake by 364.2% in the third quarter, bringing its holdings to 59,274 shares valued at approximately $2.46 million. Institutional investors collectively own 94.19% of the company.
• Core & Main exceeded quarterly expectations, reporting $0.94 in earnings per share versus the $0.91 consensus and $2.15 billion in revenue, up 2.5% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $54.40 price target; shares recently traded near $41.92, while several firms lowered their targets.

Inspire Investing LLC lifted its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 364.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,274 shares of the company's stock after buying an additional 46,505 shares during the period. Inspire Investing LLC's holdings in Core & Main were worth $2,459,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Renaissance Technologies LLC bought a new position in Core & Main during the 1st quarter worth $40,217,000. First Trust Advisors LP lifted its position in shares of Core & Main by 15.3% during the 1st quarter. First Trust Advisors LP now owns 6,130,840 shares of the company's stock valued at $302,863,000 after acquiring an additional 812,770 shares during the period. Bornite Capital Management LP bought a new stake in shares of Core & Main during the 2nd quarter valued at $36,622,000. Edgestream Partners L.P. grew its holdings in shares of Core & Main by 818.0% during the 1st quarter. Edgestream Partners L.P. now owns 201,577 shares of the company's stock worth $9,958,000 after purchasing an additional 179,618 shares in the last quarter. Finally, Ellsworth Advisors LLC acquired a new stake in shares of Core & Main during the 3rd quarter worth $6,417,000. 94.19% of the stock is currently owned by institutional investors.

Core & Main Stock Down 0.1%

Shares of NYSE CNM opened at $41.92 on Monday. 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 company has a market cap of $7.99 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 1.76 and a beta of 0.91. Core & Main, Inc. has a 12 month low of $39.42 and a 12 month high of $59.66. The stock has a 50-day moving average price of $42.48 and a two-hundred day moving average price of $45.92.

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

Analysts Set New Price Targets

A number of brokerages recently commented on CNM. Citigroup decreased their price target on Core & Main from $53.00 to $46.00 and set a "neutral" rating on the stock in a research report on Friday, September 11th. Deutsche Bank Aktiengesellschaft set a $55.00 price objective on shares of Core & Main in a research report on Thursday, September 10th. Barclays reduced their price target on shares of Core & Main from $62.00 to $61.00 and set an "overweight" rating on the stock in a research report on Thursday, September 10th. Zacks Research cut Core & Main from a "hold" rating to a "strong sell" rating in a research note on Monday, September 14th. Finally, Truist Financial cut their target price on Core & Main from $50.00 to $45.00 and set a "hold" rating for the company in a research note on Thursday, September 10th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $54.40.

Core & Main Profile

Core & Main, Inc is a distributor of specialized products for public and private infrastructure in the United States. The company primarily serves municipalities, contractors, and other customers involved in water, wastewater, storm drainage, and fire protection projects.

Its product offerings include water, sewer, and storm drainage pipe; valves, hydrants, and related waterworks products; fire protection equipment; and geosynthetic and other stormwater management products. Core & Main also provides product expertise, technical support, and related services to help customers plan and complete infrastructure projects.

The company traces its roots to the waterworks distribution business formerly operated by HD Supply.

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.