Perigon Wealth Management LLC Makes New Investment in Core & Main, Inc. $CNM

Perigon Wealth Management LLC acquired a new position in Core & Main, Inc. (NYSE:CNM) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 14,447 shares of the company’s stock, valued at approximately $751,000.

Several other institutional investors have also added to or reduced their stakes in CNM. EverSource Wealth Advisors LLC raised its holdings 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 purchasing an additional 269 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after purchasing an additional 524 shares in the last quarter. Rothschild Investment LLC raised its holdings in Core & Main by 5,013.3% in the 3rd quarter. Rothschild Investment LLC now owns 767 shares of the company’s stock worth $41,000 after purchasing an additional 752 shares in the last quarter. Wilmington Savings Fund Society FSB raised its holdings in Core & Main by 47.8% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock worth $52,000 after purchasing an additional 311 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in Core & Main by 108.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,026 shares of the company’s stock worth $55,000 after purchasing an additional 534 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on CNM. Barclays decreased their price objective on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Wednesday, March 25th. Wells Fargo & Company increased their price target on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Citigroup increased their price target 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. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Finally, JPMorgan Chase & Co. increased their price target 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. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Core & Main has a consensus rating of “Moderate Buy” and an average price target of $61.64.

Core & Main Stock Up 0.5%

Shares of Core & Main stock opened at $51.23 on Tuesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.63 and a quick ratio of 1.51. The company has a 50-day moving average of $52.82 and a 200 day moving average of $52.50. The firm has a market cap of $9.97 billion, a price-to-earnings ratio of 22.18, a PEG ratio of 1.84 and a beta of 1.00. Core & Main, Inc. has a 1 year low of $43.17 and a 1 year high of $67.18.

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

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.