Brevan Howard Capital Management LP Acquires 26,167 Shares of Core & Main, Inc. $CNM

Brevan Howard Capital Management LP boosted its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 56.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,341 shares of the company’s stock after acquiring an additional 26,167 shares during the quarter. Brevan Howard Capital Management LP’s holdings in Core & Main were worth $3,894,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CNM. Circumference Group LLC purchased a new stake in Core & Main in the third quarter worth $2,692,000. California Public Employees Retirement System boosted its stake in shares of Core & Main by 15.7% during the third quarter. California Public Employees Retirement System now owns 423,375 shares of the company’s stock valued at $22,790,000 after purchasing an additional 57,379 shares during the period. Chilton Investment Co. Inc. grew its holdings in shares of Core & Main by 17.8% in the third quarter. Chilton Investment Co. Inc. now owns 106,966 shares of the company’s stock worth $5,758,000 after purchasing an additional 16,137 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Core & Main by 6.8% in the third quarter. Alliancebernstein L.P. now owns 1,796,097 shares of the company’s stock worth $96,684,000 after purchasing an additional 113,895 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC increased its stake in Core & Main by 286.6% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company’s stock worth $74,276,000 after buying an additional 1,022,864 shares during the period. Institutional investors own 94.19% of the company’s stock.

Core & Main Stock Down 0.4%

NYSE:CNM opened at $47.89 on Tuesday. The company’s 50-day simple moving average is $55.13 and its 200-day simple moving average is $53.30. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26. Core & Main, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $67.18. The stock has a market capitalization of $9.36 billion, a P/E ratio of 21.10, a P/E/G ratio of 1.77 and a beta of 0.98.

Core & Main declared that its board has initiated a stock buyback program on Tuesday, December 9th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CNM. Robert W. Baird lifted their price objective on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, December 10th. 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. Citigroup lifted their price target on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Barclays lowered 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. Finally, Zacks Research cut Core & Main from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 9th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

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.