Ameritas Investment Partners Inc. Increases Stake in Core & Main, Inc. $CNM

Ameritas Investment Partners Inc. raised its stake in Core & Main, Inc. (NYSE:CNM) by 33.9% during the third quarter, HoldingsChannel.com reports. The fund owned 49,251 shares of the company’s stock after purchasing an additional 12,476 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in Core & Main were worth $2,651,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in Core & Main by 145.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after buying an additional 269 shares during the period. Cubist Systematic Strategies LLC lifted its position in Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after acquiring an additional 524 shares during the last quarter. Hantz Financial Services Inc. increased its position in Core & Main by 815.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 641 shares of the company’s stock valued at $39,000 after buying an additional 571 shares in the last quarter. Rothschild Investment LLC lifted its stake in shares of Core & Main by 5,013.3% during the third quarter. Rothschild Investment LLC now owns 767 shares of the company’s stock worth $41,000 after buying an additional 752 shares during the period. Finally, Wilmington Savings Fund Society FSB boosted its position in Core & Main by 47.8% in the third quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock valued at $52,000 after buying an additional 311 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Analyst Ratings Changes

CNM has been the topic of a number of analyst reports. Citigroup raised their price objective on shares of Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, January 8th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $63.00 price objective on shares of Core & Main in a research note on Friday, January 9th. Wells Fargo & Company lifted their price target on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. JPMorgan Chase & Co. upped their target price on shares of Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Finally, Robert W. Baird upped their target price on shares of Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $62.00.

Core & Main Stock Down 3.2%

Shares of NYSE:CNM opened at $54.60 on Tuesday. Core & Main, Inc. has a 1-year low of $43.17 and a 1-year high of $67.18. The firm has a fifty day moving average price of $55.72 and a 200 day moving average price of $54.68. 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 stock has a market cap of $10.67 billion, a P/E ratio of 24.05, a P/E/G ratio of 2.08 and a beta of 0.98.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, December 9th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.17. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same period last year, the business posted $0.69 EPS. The company’s revenue was up 1.2% on a year-over-year basis. Sell-side 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 repurchase plan on Tuesday, December 9th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is 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.