Ameritas Investment Partners Inc. Has $2.65 Million Position in Core & Main, Inc. $CNM

Ameritas Investment Partners Inc. boosted its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 33.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,251 shares of the company’s stock after buying an additional 12,476 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in Core & Main were worth $2,651,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its stake in Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after acquiring an additional 269 shares during the last quarter. Hantz Financial Services Inc. increased its stake in Core & Main by 815.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 641 shares of the company’s stock valued at $39,000 after buying an additional 571 shares during the last quarter. Cubist Systematic Strategies LLC increased its position in shares of Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after purchasing an additional 524 shares during the last quarter. Rothschild Investment LLC lifted its stake in Core & Main by 5,013.3% in the third quarter. Rothschild Investment LLC now owns 767 shares of the company’s stock valued at $41,000 after acquiring an additional 752 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB increased its position in Core & Main by 47.8% during the third quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock worth $52,000 after buying an additional 311 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Stock Performance

Shares of CNM stock opened at $54.60 on Tuesday. The company has a market capitalization of $10.67 billion, a price-to-earnings ratio of 24.05, a price-to-earnings-growth ratio of 2.08 and a beta of 0.98. Core & Main, Inc. has a one year low of $43.17 and a one year high of $67.18. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26. The company’s 50-day moving average is $55.72 and its 200 day moving average is $54.68.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, December 9th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.72 by $0.17. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The company’s revenue was up 1.2% compared to the same quarter last year. During the same period last year, the business posted $0.69 EPS. Sell-side analysts expect that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main announced that its Board of Directors has initiated a share buyback program on Tuesday, December 9th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CNM. JPMorgan Chase & Co. boosted their price objective on Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a report on Wednesday, December 10th. Robert W. Baird boosted their target price on Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. Wells Fargo & Company lifted their price target on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Zacks Research cut Core & Main from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 9th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Core & Main presently has a consensus rating of “Moderate Buy” and an average target price of $62.00.

Core & Main Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.