Diversified Management Inc. Purchases 28,367 Shares of Core & Main, Inc. $CNM

Key Points

• Diversified Management Inc. bought 28,367 Core & Main shares during the third quarter, establishing a stake worth approximately $1.18 million. Institutional investors collectively own 94.19% of the company.
• Core & Main reported quarterly earnings of $0.94 per share, beating estimates by $0.03, while revenue rose 2.5% year over year to $2.15 billion.
• Shares opened at $40.41, near their 52-week low, after declining 0.7%. Analysts’ average rating is “Hold,” with an average price target of $54.40, although recent recommendations ranged from “Strong Sell” to “Buy.”

Diversified Management Inc. purchased a new stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 28,367 shares of the company's stock, valued at approximately $1,177,000.

Other institutional investors have also bought and sold shares of the company. Fifth Third Wealth Advisors LLC increased its stake in Core & Main by 4.8% during the first quarter. Fifth Third Wealth Advisors LLC now owns 5,726 shares of the company's stock worth $283,000 after acquiring an additional 261 shares during the last quarter. State of Michigan Retirement System lifted its stake in shares of Core & Main by 0.7% in the 1st quarter. State of Michigan Retirement System now owns 45,400 shares of the company's stock valued at $2,243,000 after purchasing an additional 300 shares during the last quarter. Root Financial Partners LLC boosted its holdings in shares of Core & Main by 111.6% in the 1st quarter. Root Financial Partners LLC now owns 895 shares of the company's stock worth $44,000 after purchasing an additional 472 shares during the period. Bryn Mawr Trust Advisors LLC lifted its position in Core & Main by 7.4% in the first quarter. Bryn Mawr Trust Advisors LLC now owns 6,954 shares of the company's stock worth $344,000 after buying an additional 478 shares during the last quarter. Finally, Granite Investment Partners LLC lifted its position in Core & Main by 12.7% in the first quarter. Granite Investment Partners LLC now owns 5,751 shares of the company's stock worth $284,000 after buying an additional 648 shares during the last quarter. Institutional investors own 94.19% of the company's stock.

Core & Main Stock Down 0.7%

Shares of NYSE:CNM opened at $40.41 on Friday. The business's 50 day moving average is $43.50 and its 200 day moving average is $46.58. The stock has a market cap of $7.70 billion, a P/E ratio of 16.63, a price-to-earnings-growth ratio of 1.70 and a beta of 0.91. Core & Main, Inc. has a 52-week low of $39.42 and a 52-week high of $59.66. The company has a quick ratio of 1.51, a current ratio of 2.47 and a debt-to-equity ratio of 1.16.

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, beating 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 business had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter last year, the firm posted $0.87 EPS. The company's revenue for the quarter was up 2.5% on a year-over-year basis. Sell-side analysts predict that Core & Main, Inc. will post 3 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CNM shares. Zacks Research downgraded Core & Main from a "hold" rating to a "strong sell" rating in a report on Monday, September 14th. Royal Bank Of Canada dropped their price objective on Core & Main from $60.00 to $57.00 and set an "outperform" rating for the company in a report on Wednesday. Barclays cut their price objective on Core & Main from $62.00 to $61.00 and set an "overweight" rating on the stock in a research report on Thursday, September 10th. Truist Financial decreased their target price on Core & Main from $50.00 to $45.00 and set a "hold" rating for the company in a research 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 note on Saturday, September 26th. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $54.40.

Core & Main 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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