Core & Main, Inc. (NYSE:CNM) Position Increased by Fmr LLC

Fmr LLC increased its stake in shares of Core & Main, Inc. (NYSE:CNM) by 28.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,697,084 shares of the company’s stock after buying an additional 1,903,280 shares during the quarter. Fmr LLC’s holdings in Core & Main were worth $386,151,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Select Equity Group L.P. increased its stake in shares of Core & Main by 0.3% in the second quarter. Select Equity Group L.P. now owns 15,426,777 shares of the company’s stock valued at $754,986,000 after purchasing an additional 39,475 shares during the period. Pacer Advisors Inc. increased its position in Core & Main by 1.0% in the 3rd quarter. Pacer Advisors Inc. now owns 4,250,219 shares of the company’s stock valued at $188,710,000 after acquiring an additional 41,521 shares during the period. Anomaly Capital Management LP raised its stake in Core & Main by 35.9% during the 2nd quarter. Anomaly Capital Management LP now owns 3,608,523 shares of the company’s stock valued at $176,601,000 after acquiring an additional 953,489 shares in the last quarter. Handelsbanken Fonder AB boosted its position in Core & Main by 34.0% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,985,529 shares of the company’s stock worth $132,557,000 after acquiring an additional 757,000 shares during the period. Finally, Royal London Asset Management Ltd. grew its stake in shares of Core & Main by 11.0% in the second quarter. Royal London Asset Management Ltd. now owns 2,688,455 shares of the company’s stock worth $131,573,000 after purchasing an additional 266,935 shares in the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Core & Main Stock Performance

Shares of NYSE CNM opened at $48.55 on Friday. Core & Main, Inc. has a 52-week low of $34.32 and a 52-week high of $62.15. The stock has a market capitalization of $9.76 billion, a price-to-earnings ratio of 23.23, a PEG ratio of 3.07 and a beta of 1.02. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. The stock’s fifty day simple moving average is $44.72 and its 200 day simple moving average is $48.27.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Wednesday, September 4th. The company reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.13). Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The company had revenue of $1.96 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the previous year, the firm posted $0.66 EPS. Core & Main’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, sell-side analysts forecast that Core & Main, Inc. will post 2.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

CNM has been the subject of several research analyst reports. Robert W. Baird upped their price objective on shares of Core & Main from $53.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Truist Financial reduced their price target on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. The Goldman Sachs Group lowered their price objective on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. JPMorgan Chase & Co. cut their target price on Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. Finally, Loop Capital lowered their price target on Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Core & Main presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.20.

About Core & Main

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.