Core & Main, Inc. $CNM Stock Position Lowered by Bell Asset Management Ltd

Bell Asset Management Ltd decreased its position in Core & Main, Inc. (NYSE:CNM) by 13.4% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 74,408 shares of the company’s stock after selling 11,510 shares during the period. Bell Asset Management Ltd’s holdings in Core & Main were worth $4,005,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CNM. First Trust Advisors LP raised its stake in Core & Main by 10.7% during the 3rd quarter. First Trust Advisors LP now owns 3,835,835 shares of the company’s stock valued at $206,483,000 after purchasing an additional 369,200 shares during the period. Geode Capital Management LLC boosted its position in shares of Core & Main by 0.5% in the second quarter. Geode Capital Management LLC now owns 3,472,477 shares of the company’s stock worth $209,597,000 after buying an additional 18,874 shares during the period. Amundi grew its holdings in shares of Core & Main by 2.8% during the second quarter. Amundi now owns 3,357,973 shares of the company’s stock valued at $186,955,000 after buying an additional 92,355 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in shares of Core & Main by 0.9% during the third quarter. Handelsbanken Fonder AB now owns 2,850,232 shares of the company’s stock valued at $153,428,000 after buying an additional 26,799 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Core & Main by 1.7% during the third quarter. Dimensional Fund Advisors LP now owns 2,309,551 shares of the company’s stock valued at $124,320,000 after buying an additional 38,896 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Price Performance

Shares of NYSE:CNM opened at $49.82 on Monday. The firm has a market cap of $9.74 billion, a price-to-earnings ratio of 21.95, a P/E/G ratio of 1.84 and a beta of 0.98. Core & Main, Inc. has a 1 year low of $43.17 and a 1 year high of $67.18. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $55.68 and a 200 day simple moving average of $53.99.

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

Core & Main declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 9th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to buy up to 5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Robert W. Baird increased their price objective on Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. Barclays lowered their target price on Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Monday, December 1st. Zacks Research downgraded Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Wells Fargo & Company increased their price target on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $63.00 price target on shares of Core & Main in a report on Friday, January 9th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

About Core & Main

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.