Core & Main, Inc. $CNM Stock Position Reduced by Bell Asset Management Ltd

Key Points

• Bell Asset Management reduced its Core & Main position by 33.1% in the third quarter, selling 24,978 shares and retaining 50,427 shares valued at approximately $2.09 million.
• Core & Main reported quarterly EPS of $0.94, exceeding expectations of $0.91, while revenue rose 2.5% year over year to $2.15 billion.
• The stock opened at $40.41, near its 12-month low, while analysts maintained a consensus “Hold” rating with an average price target of $54.40; institutional investors own 94.19% of outstanding shares.

Bell Asset Management Ltd cut its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 33.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,427 shares of the company's stock after selling 24,978 shares during the period. Bell Asset Management Ltd's holdings in Core & Main were worth $2,092,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. 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 worth $302,863,000 after buying an additional 812,770 shares during the last quarter. Royal London Asset Management Ltd. raised its stake in Core & Main by 12.5% during the 4th quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company's stock worth $295,636,000 after acquiring an additional 632,077 shares in the last quarter. KBC Group NV lifted its position 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 acquiring an additional 119,076 shares during the last quarter. Bessemer Group Inc. lifted its position in Core & Main by 2.8% in the first quarter. Bessemer Group Inc. now owns 2,663,161 shares of the company's stock valued at $131,561,000 after acquiring an additional 72,712 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Core & Main by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,661,022 shares of the company's stock valued at $131,425,000 after acquiring an additional 152,077 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Stock Down 0.7%

Core & Main stock opened at $40.41 on Friday. The stock has a 50 day moving average of $43.50 and a two-hundred day moving average of $46.58. Core & Main, Inc. has a twelve month low of $39.42 and a twelve month high of $59.66. The stock has a market capitalization of $7.70 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 1.70 and a beta of 0.91. The company has a current ratio of 2.47, a quick ratio of 1.51 and a debt-to-equity ratio of 1.16.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings results on Wednesday, September 9th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.91 by $0.03. Core & Main had a return on equity of 25.98% and a net margin of 5.96%.The business 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 company's quarterly revenue was up 2.5% compared to the same quarter last year. As a group, research analysts expect that Core & Main, Inc. will post 3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CNM shares. William Blair initiated coverage on Core & Main in a research report on Thursday, July 23rd. They set a "market perform" rating on the stock. Wells Fargo & Company decreased their target price on Core & Main from $65.00 to $48.00 and set an "overweight" rating for the company in a research report on Thursday, September 10th. Citigroup dropped their price target on Core & Main from $53.00 to $46.00 and set a "neutral" rating on the stock in a research note on Friday, September 11th. Royal Bank Of Canada reduced their price objective on Core & Main from $60.00 to $57.00 and set an "outperform" rating for the company in a research note on Wednesday. Finally, Barclays decreased their price objective on Core & Main from $62.00 to $61.00 and set an "overweight" rating for the company in a report on Thursday, September 10th. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $54.40.

Core & Main Company Profile

Core & Main, Inc NYSE: CNM is a specialized distributor of infrastructure products serving the water, wastewater, storm drainage, fire protection and related utility markets. The company supplies products used to build, repair and maintain essential public and private infrastructure across the United States.

Its product portfolio includes ductile iron and plastic pipe, valves, hydrants, water meters, fittings, and other waterworks components. Core & Main also distributes stormwater drainage products, fire protection equipment and related solutions.

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