Core & Main, Inc. $CNM Shares Sold by Algert Global LLC

Algert Global LLC lessened its stake in shares of Core & Main, Inc. (NYSE:CNM) by 30.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 127,288 shares of the company’s stock after selling 56,471 shares during the period. Algert Global LLC’s holdings in Core & Main were worth $6,852,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital World Investors grew its holdings in shares of Core & Main by 294.9% in the third quarter. Capital World Investors now owns 5,948,134 shares of the company’s stock valued at $320,188,000 after purchasing an additional 4,442,047 shares during the period. Norges Bank purchased a new stake in shares of Core & Main in the 2nd quarter valued at approximately $116,333,000. Schonfeld Strategic Advisors LLC increased its holdings in shares of Core & Main by 286.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company’s stock worth $74,276,000 after buying an additional 1,022,864 shares during the last quarter. Bornite Capital Management LP purchased a new stake in shares of Core & Main during the 3rd quarter valued at approximately $53,830,000. Finally, AMF Tjanstepension AB purchased a new stake in shares of Core & Main during the 3rd quarter valued at approximately $41,558,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Stock Down 0.4%

Core & Main stock opened at $47.89 on Tuesday. The company has a market capitalization of $9.36 billion, a PE ratio of 21.10, a price-to-earnings-growth ratio of 1.77 and a beta of 0.98. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26. Core & Main, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $67.18. The firm has a 50 day moving average price of $55.13 and a 200 day moving average price of $53.30.

Core & Main announced that its Board of Directors has authorized a share buyback plan on Tuesday, December 9th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Wells Fargo & Company increased their price objective on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Royal Bank Of Canada restated an “outperform” rating and issued a $63.00 target price on shares of Core & Main in a research report on Friday, January 9th. Zacks Research lowered Core & Main from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 9th. Deutsche Bank Aktiengesellschaft increased their price target on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Finally, JPMorgan Chase & Co. raised their price objective on Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

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.