Pacer Advisors Inc. Takes Position in Core & Main, Inc. $CNM

Pacer Advisors Inc. purchased a new stake in shares of Core & Main, Inc. (NYSE:CNM) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,980 shares of the company’s stock, valued at approximately $1,345,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Core & Main during the 2nd quarter worth about $116,333,000. Fernbridge Capital Management LP grew its position in shares of Core & Main by 180.4% during the 2nd quarter. Fernbridge Capital Management LP now owns 1,071,238 shares of the company’s stock worth $64,649,000 after buying an additional 689,228 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in shares of Core & Main during the second quarter worth approximately $25,461,000. Bank of America Corp DE lifted its holdings in Core & Main by 20.6% in the second quarter. Bank of America Corp DE now owns 2,255,531 shares of the company’s stock valued at $136,121,000 after buying an additional 385,659 shares during the period. Finally, Handelsbanken Fonder AB boosted its stake in Core & Main by 14.2% in the second quarter. Handelsbanken Fonder AB now owns 2,823,433 shares of the company’s stock valued at $170,394,000 after acquiring an additional 351,219 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Robert W. Baird upped their target price on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research report on Wednesday, December 10th. JPMorgan Chase & Co. upped their price objective on Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th. Citigroup raised their target price on Core & Main from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Wednesday, December 10th. Wells Fargo & Company boosted their target price on Core & Main from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Finally, The Goldman Sachs Group cut their price target on shares of Core & Main from $68.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, September 12th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $60.82.

Core & Main Stock Down 1.6%

Shares of Core & Main stock opened at $52.00 on Friday. The company has a market capitalization of $10.17 billion, a P/E ratio of 22.91, a price-to-earnings-growth ratio of 1.87 and a beta of 0.98. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35. The business has a 50-day moving average of $51.05 and a two-hundred day moving average of $56.09. Core & Main, Inc. has a 1 year low of $43.17 and a 1 year high of $67.18.

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

Core & Main declared that its Board of Directors has authorized a share buyback program on Tuesday, December 9th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are 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.