VELA Investment Management LLC Has $2.13 Million Stock Holdings in Core & Main, Inc. (NYSE:CNM)

VELA Investment Management LLC lifted its position in shares of Core & Main, Inc. (NYSE:CNM) by 79.8% during the 3rd quarter, Holdings Channel reports. The firm owned 47,881 shares of the company’s stock after purchasing an additional 21,247 shares during the quarter. VELA Investment Management LLC’s holdings in Core & Main were worth $2,126,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CNM. Vanguard Group Inc. increased its stake in shares of Core & Main by 35.2% during the 1st quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock worth $1,038,457,000 after purchasing an additional 4,721,510 shares during the last quarter. Capital International Investors grew its stake in Core & Main by 470.6% in the 1st quarter. Capital International Investors now owns 5,093,278 shares of the company’s stock valued at $291,590,000 after buying an additional 4,200,591 shares during the last quarter. Bessemer Group Inc. grew its stake in Core & Main by 915.9% in the 1st quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock valued at $148,073,000 after buying an additional 2,331,802 shares during the last quarter. Swedbank AB acquired a new position in Core & Main in the 1st quarter valued at about $98,876,000. Finally, Pacer Advisors Inc. grew its stake in Core & Main by 37.1% in the 2nd quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock valued at $205,974,000 after buying an additional 1,137,817 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CNM shares. Barclays decreased their price target on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, September 5th. Wells Fargo & Company began coverage on shares of Core & Main in a research note on Monday, September 23rd. They issued an “overweight” rating and a $52.00 price target on the stock. The Goldman Sachs Group decreased their target price 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. Bank of America dropped their price target on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. Finally, Loop Capital reduced 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 analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Core & Main presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.20.

Core & Main Price Performance

Shares of CNM stock traded down $1.03 on Friday, hitting $43.25. 2,413,200 shares of the company’s stock were exchanged, compared to its average volume of 2,543,933. The company has a 50 day moving average of $44.20 and a 200 day moving average of $50.07. The stock has a market cap of $8.70 billion, a P/E ratio of 20.69, a price-to-earnings-growth ratio of 2.96 and a beta of 1.02. 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, Inc. has a 12 month low of $29.60 and a 12 month high of $62.15.

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 the consensus estimate of $0.74 by ($0.13). The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.05 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the firm posted $0.66 earnings per share. On average, equities research analysts predict that Core & Main, Inc. will post 2.1 EPS for the current 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.