Thematics Asset Management Increases Stock Position in Core & Main, Inc. $CNM

Key Points

• Thematics Asset Management raised its stake in Core & Main (NYSE:CNM) by 14.8% in Q3, buying 54,000 shares to hold 418,000 shares worth about $22.5 million (≈0.21% ownership).
• Core & Main reported stronger-than-expected Q results with $0.89 EPS vs. $0.72 consensus on ~$2.06 billion revenue, and its board authorized a $500 million share repurchase program (up to 5% of shares).
• Shares trade around $48 (market cap ~$9.39B, P/E 21.17) with institutional ownership ~94%, and analysts hold a consensus rating of Moderate Buy with an average price target of $62.

Thematics Asset Management boosted its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 14.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 418,000 shares of the company's stock after buying an additional 54,000 shares during the quarter. Thematics Asset Management owned approximately 0.21% of Core & Main worth $22,501,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Cubist Systematic Strategies LLC boosted its position in Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after acquiring an additional 524 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of Core & Main in the 1st quarter worth $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Core & Main by 36.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,576 shares of the company's stock worth $1,719,000 after acquiring an additional 9,534 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Core & Main by 23.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company's stock worth $14,106,000 after purchasing an additional 54,854 shares during the last quarter. Finally, ProShare Advisors LLC lifted its stake in shares of Core & Main by 3.6% during the 2nd quarter. ProShare Advisors LLC now owns 8,398 shares of the company's stock worth $507,000 after purchasing an additional 295 shares during the last quarter. Institutional investors own 94.19% of the company's stock.

Core & Main Trading Up 0.9%

Shares of NYSE:CNM opened at $48.05 on Friday. The business's 50-day moving average is $55.28 and its 200 day moving average is $53.59. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35. Core & Main, Inc. has a 1 year low of $43.17 and a 1 year high of $67.18. The firm has a market capitalization of $9.39 billion, a P/E ratio of 21.17, a P/E/G ratio of 1.76 and a beta of 0.98.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Tuesday, December 9th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.17. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The business had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter last year, the company earned $0.69 earnings per share. The company's quarterly revenue was up 1.2% on a year-over-year basis. On average, research analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Core & Main announced that its board has authorized a stock repurchase program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on CNM shares. Wells Fargo & Company lifted their target price on Core & Main from $57.00 to $65.00 and gave the company an "overweight" rating in a research note on Wednesday, January 14th. JPMorgan Chase & Co. increased their price target on shares of Core & Main from $58.00 to $59.00 and gave the company an "overweight" rating in a research report on Wednesday, December 10th. Royal Bank Of Canada restated an "outperform" rating and issued a $63.00 price target on shares of Core & Main in a report on Friday, January 9th. Zacks Research downgraded shares of Core & Main from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 9th. Finally, Barclays reduced their price objective on shares of Core & Main from $65.00 to $63.00 and set an "overweight" rating for the company in a research note on Monday, December 1st. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, Core & Main presently has a consensus rating of "Moderate Buy" and an average price target of $62.00.

Core & Main Profile

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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