Advisors Asset Management Inc. Raises Stake in Core & Main, Inc. (NYSE:CNM)

Advisors Asset Management Inc. increased its stake in Core & Main, Inc. (NYSE:CNM) by 4.1% in the third quarter, HoldingsChannel.com reports. The firm owned 54,140 shares of the company’s stock after acquiring an additional 2,129 shares during the quarter. Advisors Asset Management Inc.’s holdings in Core & Main were worth $2,404,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Ashton Thomas Securities LLC purchased a new position in Core & Main in the third quarter valued at about $26,000. ORG Wealth Partners LLC purchased a new position in Core & Main in the 3rd quarter valued at approximately $31,000. GAMMA Investing LLC raised its holdings in Core & Main by 61.1% during the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after purchasing an additional 511 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new stake in Core & Main during the second quarter worth $76,000. Finally, CWM LLC increased its position in shares of Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after buying an additional 334 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 recently commented on CNM. Loop Capital decreased 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. Wells Fargo & Company began coverage on shares of Core & Main in a research report on Monday, September 23rd. They issued an “overweight” rating and a $52.00 price target on the stock. JPMorgan Chase & Co. cut their price objective 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. Bank of America lowered their target price on Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Thursday, September 5th. Finally, Royal Bank of Canada cut their price target on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.20.

Core & Main Stock Performance

Shares of CNM opened at $45.27 on Friday. The stock has a market capitalization of $9.11 billion, a PE ratio of 21.66, a price-to-earnings-growth ratio of 2.90 and a beta of 1.02. The business’s fifty day moving average price is $44.27 and its 200 day moving average price is $48.70. 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 $34.02 and a 12-month high of $62.15.

Core & Main (NYSE:CNM) last posted its earnings results on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.13). Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same period last year, the company posted $0.66 earnings per share. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. Equities research analysts forecast that Core & Main, Inc. will post 2.1 EPS for the current 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.