Core & Main, Inc. $CNM Stock Purchased by CX Institutional

Key Points

• CX Institutional increased its Core & Main stake by 211,716% in the third quarter, purchasing 118,561 additional shares to own 118,617 shares worth approximately $4.92 million.
• Institutional investors and hedge funds own 94.19% of Core & Main, while company insiders own 1.51%; several other major funds also recently established or expanded positions.
• Core & Main reported quarterly EPS of $0.94, exceeding the $0.91 consensus estimate, with revenue rising 2.5% year over year to $2.15 billion. Analysts maintain a consensus “Hold” rating with an average price target of $54.70.

CX Institutional grew its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 211,716.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,617 shares of the company's stock after purchasing an additional 118,561 shares during the quarter. CX Institutional owned approximately 0.06% of Core & Main worth $4,920,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Core & Main during the 4th quarter worth about $108,265,000. Assenagon Asset Management S.A. grew its stake in Core & Main by 1,660.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 932,323 shares of the company's stock worth $46,057,000 after acquiring an additional 879,360 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Core & Main in the first quarter valued at $40,217,000. First Trust Advisors LP increased its stake in Core & Main by 15.3% in the first quarter. First Trust Advisors LP now owns 6,130,840 shares of the company's stock valued at $302,863,000 after purchasing an additional 812,770 shares during the last quarter. Finally, Bornite Capital Management LP acquired a new position in Core & Main in the second quarter valued at $36,622,000. 94.19% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Core & Main

In other Core & Main news, Director James Hope acquired 2,067 shares of the firm's stock in a transaction that occurred on Monday, July 6th. The stock was acquired at an average cost of $46.01 per share, with a total value of $95,102.67. Following the acquisition, the director directly owned 11,805 shares of the company's stock, valued at $543,148.05. This represents a 21.23% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.51% of the stock is owned by company insiders.

Core & Main Stock Performance

Shares of CNM stock opened at $41.33 on Friday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.51 and a current ratio of 2.47. Core & Main, Inc. has a one year low of $40.03 and a one year high of $59.66. The company's 50-day simple moving average is $43.67 and its 200-day simple moving average is $46.77. The stock has a market capitalization of $7.87 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 1.73 and a beta of 0.91.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Wednesday, September 9th. The company reported $0.94 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.03. The business 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 business's quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.87 EPS. Equities analysts anticipate that Core & Main, Inc. will post 3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CNM shares. Citigroup decreased their target price on shares of Core & Main from $53.00 to $46.00 and set a "neutral" rating on the stock in a research report on Friday, September 11th. Truist Financial cut their target price on Core & Main from $50.00 to $45.00 and set a "hold" rating on the stock in a research report on Thursday, September 10th. Barclays lowered their price target on Core & Main from $62.00 to $61.00 and set an "overweight" rating for the company in a research report on Thursday, September 10th. The Goldman Sachs Group reiterated a "neutral" rating and set a $53.00 target price on shares of Core & Main in a report on Thursday, September 10th. Finally, Wall Street Zen raised shares of Core & Main from a "hold" rating to a "buy" rating in a research report on Saturday, September 26th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $54.70.

About Core & Main

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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