Federated Hermes Inc. Has $50.62 Million Holdings in Core & Main, Inc. $CNM

Federated Hermes Inc. lifted its position in shares of Core & Main, Inc. (NYSE:CNM) by 1.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 940,378 shares of the company’s stock after purchasing an additional 15,558 shares during the quarter. Federated Hermes Inc. owned 0.48% of Core & Main worth $50,621,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CNM. Wedmont Private Capital raised its holdings in Core & Main by 5.6% during the third quarter. Wedmont Private Capital now owns 4,733 shares of the company’s stock worth $241,000 after buying an additional 251 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of 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 in the last quarter. Simon Quick Advisors LLC increased its position in shares of Core & Main by 1.7% during the second quarter. Simon Quick Advisors LLC now owns 16,186 shares of the company’s stock worth $977,000 after acquiring an additional 272 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of Core & Main by 3.6% in the 2nd quarter. ProShare Advisors LLC now owns 8,398 shares of the company’s stock worth $507,000 after acquiring an additional 295 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB lifted its position in Core & Main by 47.8% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock valued at $52,000 after acquiring an additional 311 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the company. Royal Bank Of Canada reissued an “outperform” rating and issued a $63.00 price objective on shares of Core & Main in a research note on Friday, January 9th. Wells Fargo & Company increased their price target on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Zacks Research upgraded Core & Main from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 31st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Finally, JPMorgan Chase & Co. raised their price target on shares of Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $62.00.

Core & Main Price Performance

CNM opened at $54.18 on Friday. Core & Main, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $67.18. The firm has a 50-day moving average of $53.60 and a 200 day moving average of $55.62. 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 has a market cap of $10.59 billion, a P/E ratio of 23.87, a PEG ratio of 2.19 and a beta of 0.98.

Core & Main (NYSE:CNM) last released its earnings results on Tuesday, December 9th. The company reported $0.72 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.72. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same period in the previous year, the company earned $0.69 earnings per share. The company’s quarterly revenue was up 1.2% on a year-over-year basis. On average, research analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

Core & Main announced that its board 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 purchase up to 5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.