Procyon Advisors LLC Invests $1.78 Million in Core & Main, Inc. $CNM

Procyon Advisors LLC purchased a new stake in Core & Main, Inc. (NYSE:CNM) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 34,225 shares of the company’s stock, valued at approximately $1,779,000.

Other large investors have also recently bought and sold shares of the company. Cubist Systematic Strategies LLC raised its stake in Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after acquiring an additional 524 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of Core & Main in the 1st quarter valued at $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Core & Main by 36.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,576 shares of the company’s stock valued at $1,719,000 after purchasing an additional 9,534 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Core & Main by 23.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company’s stock worth $14,106,000 after purchasing an additional 54,854 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Core & Main by 31.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 7,021 shares of the company’s stock worth $424,000 after purchasing an additional 1,695 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

Core & Main Stock Performance

CNM stock opened at $47.38 on Monday. The company has a 50 day moving average price of $54.54 and a 200 day moving average price of $52.83. 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 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 capitalization of $9.26 billion, a PE ratio of 20.87, a price-to-earnings-growth ratio of 1.86 and a beta of 0.98.

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

Analysts Set New Price Targets

Several brokerages recently issued reports on CNM. Barclays cut their price target on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 1st. JPMorgan Chase & Co. upped their price objective 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. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Wells Fargo & Company lifted their target price on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Finally, Citigroup boosted their target price on Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, January 8th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.