Procyon Advisors LLC Makes New $1.78 Million Investment in Core & Main, Inc. $CNM

Procyon Advisors LLC purchased a new position in shares of Core & Main, Inc. (NYSE:CNM) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 34,225 shares of the company’s stock, valued at approximately $1,779,000.

Several other hedge funds also recently modified their holdings of CNM. EverSource Wealth Advisors LLC increased its position in Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after acquiring an additional 269 shares during the period. Cubist Systematic Strategies LLC boosted its holdings in Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after purchasing an additional 524 shares during the period. Rothschild Investment LLC grew its position in Core & Main by 5,013.3% in the 3rd quarter. Rothschild Investment LLC now owns 767 shares of the company’s stock worth $41,000 after purchasing an additional 752 shares during the last quarter. Wilmington Savings Fund Society FSB increased its holdings in shares of Core & Main by 47.8% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock worth $52,000 after purchasing an additional 311 shares during the period. Finally, Farther Finance Advisors LLC increased its holdings in shares of Core & Main by 108.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,026 shares of the company’s stock worth $55,000 after purchasing an additional 534 shares during the period. 94.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CNM has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their target price on shares of Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Citigroup boosted their price target on Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Barclays cut their price target on Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 1st. Deutsche Bank Aktiengesellschaft raised their price objective on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Finally, Zacks Research lowered Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Core & Main has a consensus rating of “Moderate Buy” and an average price target of $62.00.

Core & Main Price Performance

Shares of Core & Main stock opened at $47.38 on Monday. 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 firm’s 50-day simple moving average is $54.54 and its 200-day simple moving average is $52.83. Core & Main, Inc. has a twelve month low of $43.17 and a twelve month high of $67.18. The firm has a market cap of $9.26 billion, a P/E ratio of 20.87, a price-to-earnings-growth ratio of 1.86 and a beta of 0.98.

Core & Main announced that its board has authorized a share repurchase plan on Tuesday, December 9th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Core & Main Company 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.