SG Americas Securities LLC Acquires 91,026 Shares of Core & Main, Inc. $CNM

SG Americas Securities LLC lifted its holdings in Core & Main, Inc. (NYSE:CNM) by 286.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 122,806 shares of the company’s stock after purchasing an additional 91,026 shares during the quarter. SG Americas Securities LLC owned 0.06% of Core & Main worth $6,611,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Thrivent Financial for Lutherans boosted its stake in shares of Core & Main by 42.4% during the 2nd quarter. Thrivent Financial for Lutherans now owns 208,499 shares of the company’s stock worth $12,583,000 after buying an additional 62,096 shares during the last quarter. Montrusco Bolton Investments Inc. acquired a new position in Core & Main during the second quarter valued at approximately $9,849,000. Allworth Financial LP grew its stake in Core & Main by 6,188.2% in the second quarter. Allworth Financial LP now owns 9,055 shares of the company’s stock valued at $546,000 after purchasing an additional 8,911 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Core & Main by 17.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 187,788 shares of the company’s stock worth $11,333,000 after purchasing an additional 27,892 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of Core & Main by 0.4% during the 2nd quarter. Bessemer Group Inc. now owns 3,371,475 shares of the company’s stock worth $203,467,000 after purchasing an additional 14,244 shares in the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Price Performance

Core & Main stock opened at $56.66 on Friday. The company has a market capitalization of $11.08 billion, a price-to-earnings ratio of 24.96, a PEG ratio of 1.90 and a beta of 0.98. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. Core & Main, Inc. has a 12 month low of $43.17 and a 12 month high of $67.18. The stock’s 50 day moving average is $51.27 and its 200-day moving average is $56.00.

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

Core & Main announced that its Board of Directors has authorized a stock repurchase program on Tuesday, December 9th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CNM shares. Wells Fargo & Company raised their target price on shares of Core & Main from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Citigroup raised their target price on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their price target on Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a report on Wednesday, December 10th. Finally, Zacks Research raised Core & Main from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 31st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Core & Main presently has an average rating of “Moderate Buy” and an average target price of $61.27.

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.