Trigran Investments Inc. Invests $1.21 Million in Core & Main, Inc. $CNM

Key Points

• Trigran Investments opened a new position in Core & Main, acquiring 22,525 shares worth about $1.21 million, which represents roughly 0.2% of Trigran’s holdings and is its 16th largest holding.
• Core & Main has authorized a $500 million share buyback (up to 5% of shares) and recently beat quarterly EPS estimates with $0.89 versus $0.72 consensus while reporting roughly $2.06 billion in revenue.
• Analysts are generally positive with a consensus rating of “Moderate Buy” and an average price target of $62, supported by multiple recent upgrades, and institutional investors own about 94.19% of the stock.

Trigran Investments Inc. acquired a new position in Core & Main, Inc. (NYSE:CNM - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 22,525 shares of the company's stock, valued at approximately $1,213,000. Core & Main makes up about 0.2% of Trigran Investments Inc.'s holdings, making the stock its 16th largest holding.

Several other hedge funds have also recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock valued at $27,000 after purchasing an additional 269 shares in the last quarter. Cubist Systematic Strategies LLC raised its position in shares of Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after purchasing an additional 524 shares during the last quarter. Hantz Financial Services Inc. lifted its stake in Core & Main by 815.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 641 shares of the company's stock valued at $39,000 after buying an additional 571 shares in the last quarter. Rothschild Investment LLC lifted its stake in Core & Main by 5,013.3% in the 3rd quarter. Rothschild Investment LLC now owns 767 shares of the company's stock valued at $41,000 after buying an additional 752 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB grew its holdings in Core & Main by 47.8% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company's stock valued at $52,000 after buying an additional 311 shares during the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CNM. Royal Bank Of Canada reissued an "outperform" rating and issued a $63.00 price target on shares of Core & Main in a report on Friday, January 9th. Robert W. Baird lifted their price objective on Core & Main from $62.00 to $64.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 10th. Wells Fargo & Company upped their target price on shares of Core & Main from $57.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday, January 14th. Citigroup raised their price target on shares of Core & Main from $56.00 to $60.00 and gave the stock a "neutral" rating in a research note on Thursday, January 8th. Finally, JPMorgan Chase & Co. boosted their price objective 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. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Core & Main currently has a consensus rating of "Moderate Buy" and an average price target of $62.00.

Core & Main Stock Down 3.6%

Shares of NYSE:CNM opened at $52.30 on Friday. Core & Main, Inc. has a 12-month low of $43.17 and a 12-month high of $67.18. The stock's 50-day moving average price is $55.76 and its two-hundred day moving average price is $54.24. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. The firm has a market cap of $10.23 billion, a price-to-earnings ratio of 23.04, a PEG ratio of 2.00 and a beta of 0.98.

Core & Main (NYSE:CNM - Get Free Report) last released its earnings results on Tuesday, December 9th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.17. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The business had revenue of $2.06 billion for the quarter, compared to analysts' expectations of $2.06 billion. During the same period 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 forecast that Core & Main, Inc. will post 2.16 EPS for the current year.

Core & Main announced that its board has initiated a share buyback plan on Tuesday, December 9th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.