HighVista Strategies LLC Makes New $1.50 Million Investment in Core & Main, Inc. $CNM

Key Points

• HighVista Strategies LLC bought a new position of 27,900 shares in Core & Main worth approximately $1.50 million in Q3, joining several other large institutional buyers and contributing to roughly 94.19% institutional ownership of the company.
• Core & Main's Board approved a $500 million stock buyback program to repurchase up to 5% of outstanding shares, a move typically viewed as management signaling the stock may be undervalued.
• Analysts lean positive with a consensus rating of Moderate Buy and a consensus target of $62.00; the company has a market cap of $9.39 billion and a P/E of 21.17.

HighVista Strategies LLC purchased a new position in Core & Main, Inc. (NYSE:CNM - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 27,900 shares of the company's stock, valued at approximately $1,502,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Capital World Investors lifted its stake in shares of Core & Main by 294.9% in the 3rd quarter. Capital World Investors now owns 5,948,134 shares of the company's stock valued at $320,188,000 after purchasing an additional 4,442,047 shares during the period. Norges Bank bought a new position in Core & Main in the 2nd quarter valued at approximately $116,333,000. Holocene Advisors LP bought a new position in shares of Core & Main during the third quarter valued at $100,765,000. Schonfeld Strategic Advisors LLC raised its position in Core & Main by 286.6% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company's stock worth $74,276,000 after buying an additional 1,022,864 shares during the last quarter. Finally, Bornite Capital Management LP purchased a new position in shares of Core & Main during the third quarter valued at approximately $53,830,000. Hedge funds and other institutional investors own 94.19% of the company's stock.

Core & Main Stock Up 0.9%

Shares of CNM opened at $48.05 on Monday. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04. The business has a fifty day moving average of $55.28 and a 200 day moving average of $53.42. The company has a market cap of $9.39 billion, a PE ratio of 21.17, a P/E/G ratio of 1.77 and a beta of 0.98. Core & Main, Inc. has a 52-week low of $43.17 and a 52-week high of $67.18.

Core & Main declared that its Board of Directors has approved a stock buyback plan on Tuesday, December 9th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Core & Main from $58.00 to $59.00 and gave the stock an "overweight" rating in a report on Wednesday, December 10th. Citigroup upped their price objective on Core & Main from $56.00 to $60.00 and gave the stock a "neutral" rating in a research note on Thursday, January 8th. Barclays lowered their price target on Core & Main from $65.00 to $63.00 and set an "overweight" rating on the stock in a report on Monday, December 1st. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $63.00 price objective on shares of Core & Main in a report on Friday, January 9th. Finally, Wells Fargo & Company upped their target price on shares of Core & Main from $57.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 14th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.00.

About Core & Main

Core & Main, Inc NYSE: CNM is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company's product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.

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