Campbell & CO Investment Adviser LLC Reduces Holdings in Core & Main, Inc. $CNM

Campbell & CO Investment Adviser LLC lowered its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 68.2% in the third quarter, HoldingsChannel.com reports. The fund owned 8,484 shares of the company’s stock after selling 18,191 shares during the quarter. Campbell & CO Investment Adviser LLC’s holdings in Core & Main were worth $457,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CNM. Norges Bank purchased a new stake in Core & Main in the 2nd quarter valued at approximately $116,333,000. Fernbridge Capital Management LP raised its holdings in shares of Core & Main by 180.4% in the second quarter. Fernbridge Capital Management LP now owns 1,071,238 shares of the company’s stock worth $64,649,000 after acquiring an additional 689,228 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Core & Main in the second quarter worth $25,461,000. Bank of America Corp DE lifted its position in shares of 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 acquiring an additional 385,659 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in shares of Core & Main by 14.2% during 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.

Core & Main Stock Performance

NYSE:CNM opened at $59.18 on Friday. The company has a market cap of $11.57 billion, a P/E ratio of 26.07, a P/E/G ratio of 2.31 and a beta of 0.98. The firm’s 50 day moving average is $52.54 and its two-hundred day moving average is $55.83. Core & Main, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $67.18. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04.

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

Core & Main declared that its board has authorized a stock repurchase plan 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 plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CNM. Zacks Research upgraded shares of Core & Main from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 31st. JPMorgan Chase & Co. lifted their target price on shares of Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 10th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $63.00 price target on shares of Core & Main in a report on Friday, January 9th. Wells Fargo & Company increased their price target on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Finally, Barclays lowered their price objective on Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.