Core & Main, Inc. (NYSE:CNM) Shares Acquired by Fmr LLC

Fmr LLC boosted its position in Core & Main, Inc. (NYSE:CNM) by 28.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,697,084 shares of the company’s stock after purchasing an additional 1,903,280 shares during the period. Fmr LLC owned about 4.32% of Core & Main worth $386,151,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new stake in shares of Core & Main in the third quarter valued at approximately $26,000. ORG Wealth Partners LLC purchased a new position in shares of Core & Main in the 3rd quarter worth about $31,000. GAMMA Investing LLC lifted its stake in shares of Core & Main by 61.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock valued at $60,000 after purchasing an additional 511 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new stake in shares of Core & Main during the 2nd quarter worth about $76,000. Finally, CWM LLC increased its position in Core & Main by 25.6% during the 2nd quarter. CWM LLC now owns 1,638 shares of the company’s stock worth $80,000 after purchasing an additional 334 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Price Performance

CNM stock opened at $48.55 on Friday. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. The stock’s 50 day moving average is $44.72 and its two-hundred day moving average is $48.27. The company has a market capitalization of $9.76 billion, a PE ratio of 23.23, a P/E/G ratio of 3.07 and a beta of 1.02. Core & Main, Inc. has a 52-week low of $34.32 and a 52-week high of $62.15.

Core & Main (NYSE:CNM) last issued its earnings results on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.13). Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The firm had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the previous year, the business posted $0.66 EPS. Core & Main’s revenue was up 5.5% compared to the same quarter last year. Analysts predict that Core & Main, Inc. will post 2.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on CNM. Truist Financial reduced their price target on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. JPMorgan Chase & Co. decreased their price target on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. Barclays reduced their price objective on Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, September 5th. Wells Fargo & Company initiated coverage on Core & Main in a report on Monday, September 23rd. They set an “overweight” rating and a $52.00 target price on the stock. Finally, Loop Capital decreased their price target on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Core & Main presently has an average rating of “Moderate Buy” and a consensus target price of $51.20.

Core & Main Company Profile

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.