Core & Main, Inc. $CNM is Camrose Capital Investment Partners LLP’s Largest Position

Camrose Capital Investment Partners LLP grew its stake in shares of Core & Main, Inc. (NYSE:CNM) by 30.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,249,455 shares of the company’s stock after purchasing an additional 289,081 shares during the quarter. Core & Main makes up about 15.6% of Camrose Capital Investment Partners LLP’s holdings, making the stock its biggest position. Camrose Capital Investment Partners LLP owned 0.63% of Core & Main worth $67,258,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of CNM. Norges Bank acquired a new stake in Core & Main during the 2nd quarter worth $116,333,000. Bornite Capital Management LP purchased a new position in shares of Core & Main during the third quarter worth about $53,830,000. AMF Tjanstepension AB acquired a new stake in shares of Core & Main during the third quarter worth about $41,558,000. Fernbridge Capital Management LP lifted its holdings in shares of Core & Main by 180.4% in the 2nd quarter. Fernbridge Capital Management LP now owns 1,071,238 shares of the company’s stock valued at $64,649,000 after purchasing an additional 689,228 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Core & Main by 41.7% in the 3rd quarter. Jennison Associates LLC now owns 2,087,166 shares of the company’s stock valued at $112,352,000 after purchasing an additional 614,595 shares during the period. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Stock Performance

NYSE:CNM opened at $55.12 on Friday. The firm’s fifty day moving average price is $55.79 and its 200 day moving average price is $54.62. Core & Main, Inc. has a 1-year low of $43.17 and a 1-year high of $67.18. 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 firm has a market cap of $10.78 billion, a price-to-earnings ratio of 24.28, a price-to-earnings-growth ratio of 2.00 and a beta of 0.98.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Tuesday, December 9th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.17. The company had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.06 billion. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. Core & Main’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.69 EPS. On average, sell-side analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

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

Wall Street Analysts Forecast Growth

CNM has been the topic of several research analyst reports. 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 research report on Wednesday, December 10th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Royal Bank Of Canada reiterated an “outperform” rating and set a $63.00 price target on shares of Core & Main in a research note on Friday, January 9th. Wells Fargo & Company raised their price objective on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Finally, Zacks Research cut shares of Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price 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.