Wedge Capital Management L L P NC Purchases New Stake in Core & Main, Inc. (NYSE:CNM)

Wedge Capital Management L L P NC purchased a new stake in shares of Core & Main, Inc. (NYSE:CNM) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 302,254 shares of the company’s stock, valued at approximately $13,420,000. Wedge Capital Management L L P NC owned about 0.15% of Core & Main as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. QRG Capital Management Inc. raised its holdings in Core & Main by 1.9% during the 2nd quarter. QRG Capital Management Inc. now owns 12,153 shares of the company’s stock valued at $595,000 after buying an additional 228 shares during the last quarter. United Services Automobile Association increased its position in Core & Main by 2.0% during the 2nd quarter. United Services Automobile Association now owns 13,307 shares of the company’s stock valued at $651,000 after purchasing an additional 266 shares during the period. CWM LLC increased its position in Core & Main by 25.6% during the 2nd quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after purchasing an additional 334 shares during the period. Lisanti Capital Growth LLC increased its position in Core & Main by 0.3% during the 1st quarter. Lisanti Capital Growth LLC now owns 157,865 shares of the company’s stock valued at $9,038,000 after purchasing an additional 395 shares during the period. Finally, Rise Advisors LLC purchased a new position in Core & Main during the 1st quarter valued at $27,000. 94.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CNM shares. Bank of America reduced their price objective on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Thursday, September 5th. The Goldman Sachs Group reduced 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 report on Friday, September 6th. Loop Capital reduced their price objective on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. JPMorgan Chase & Co. reduced their target price on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 3rd. Finally, Barclays reduced their target price on shares of Core & Main from $65.00 to $57.00 and set an “overweight” 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 assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Core & Main presently has a consensus rating of “Moderate Buy” and an average target price of $50.50.

Core & Main Stock Performance

Shares of Core & Main stock opened at $45.27 on Tuesday. The stock has a market cap of $9.12 billion, a price-to-earnings ratio of 21.15, a PEG ratio of 2.83 and a beta of 1.02. The firm’s 50-day moving average is $45.53 and its 200 day moving average is $51.17. Core & Main, Inc. has a 1 year low of $29.13 and a 1 year high of $62.15. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34.

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

Core & Main Company Profile

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.