CDAM UK Ltd Increases Holdings in Core & Main, Inc. (NYSE:CNM)

CDAM UK Ltd boosted its position in Core & Main, Inc. (NYSE:CNM) by 84.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,276,796 shares of the company’s stock after acquiring an additional 586,081 shares during the period. Core & Main accounts for 8.4% of CDAM UK Ltd’s portfolio, making the stock its 8th largest position. CDAM UK Ltd owned 0.63% of Core & Main worth $56,690,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in shares of Core & Main by 31.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,566,745 shares of the company’s stock valued at $89,697,000 after acquiring an additional 375,311 shares during the last quarter. Rhumbline Advisers raised its holdings in Core & Main by 6.2% in the second quarter. Rhumbline Advisers now owns 508,554 shares of the company’s stock worth $24,889,000 after purchasing an additional 29,490 shares during the period. Comerica Bank boosted its position in shares of Core & Main by 30.9% during the first quarter. Comerica Bank now owns 67,754 shares of the company’s stock worth $3,879,000 after purchasing an additional 16,009 shares in the last quarter. Swedbank AB acquired a new position in shares of Core & Main in the 1st quarter valued at $98,876,000. Finally, SG Americas Securities LLC increased its position in shares of Core & Main by 542.1% in the 2nd quarter. SG Americas Securities LLC now owns 39,415 shares of the company’s stock valued at $1,929,000 after buying an additional 33,277 shares in the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CNM. Truist Financial reduced their target price on Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Barclays cut their price objective on Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, September 5th. Robert W. Baird increased their target price on Core & Main from $53.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company assumed coverage on shares of Core & Main in a report on Monday, September 23rd. They set an “overweight” rating and a $52.00 target price on the stock. Finally, Bank of America reduced their price target on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.20.

Core & Main Price Performance

Shares of CNM opened at $45.27 on Monday. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. Core & Main, Inc. has a twelve month low of $34.02 and a twelve month high of $62.15. The stock has a market capitalization of $9.11 billion, a P/E ratio of 21.66, a P/E/G ratio of 2.95 and a beta of 1.02. The company has a 50 day moving average of $44.27 and a 200-day moving average of $48.62.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Wednesday, September 4th. The company reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.13). The company had revenue of $1.96 billion during 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%. Core & Main’s revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.66 EPS. As a group, equities research analysts forecast that Core & Main, Inc. will post 2.1 EPS for the current fiscal year.

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.