Thrivent Financial for Lutherans Buys 62,096 Shares of Core & Main, Inc. $CNM

Thrivent Financial for Lutherans raised its stake in Core & Main, Inc. (NYSE:CNM) by 42.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 208,499 shares of the company’s stock after buying an additional 62,096 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Core & Main were worth $12,583,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of CNM. HighTower Advisors LLC raised its position in shares of Core & Main by 11.2% in the 1st quarter. HighTower Advisors LLC now owns 11,931 shares of the company’s stock valued at $576,000 after acquiring an additional 1,204 shares during the period. Dimensional Fund Advisors LP increased its stake in Core & Main by 12.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,232,542 shares of the company’s stock valued at $107,857,000 after purchasing an additional 244,500 shares in the last quarter. Ethic Inc. raised its holdings in Core & Main by 88.0% in the first quarter. Ethic Inc. now owns 19,211 shares of the company’s stock worth $949,000 after purchasing an additional 8,994 shares during the period. Fiduciary Management Inc. WI raised its holdings in Core & Main by 0.3% in the first quarter. Fiduciary Management Inc. WI now owns 2,841,734 shares of the company’s stock worth $137,284,000 after purchasing an additional 8,052 shares during the period. Finally, Forest Avenue Capital Management LP boosted its position in shares of Core & Main by 10.7% during the first quarter. Forest Avenue Capital Management LP now owns 1,372,534 shares of the company’s stock worth $66,307,000 after purchasing an additional 132,423 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Stock Performance

CNM opened at $53.02 on Thursday. The company has a market capitalization of $10.47 billion, a price-to-earnings ratio of 23.36, a P/E/G ratio of 2.32 and a beta of 0.98. The business’s 50-day moving average price is $50.70 and its two-hundred day moving average price is $56.41. 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.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, December 9th. The company reported $0.72 earnings per share for the quarter, hitting the consensus estimate of $0.72. 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 during the quarter, compared to analysts’ expectations of $2.06 billion. During the same period in the prior year, the firm earned $0.69 earnings per share. Core & Main’s revenue for the quarter was up 1.2% compared to the same quarter last year. Equities analysts expect that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main announced that its board has initiated a share buyback plan on Tuesday, December 9th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts recently commented on CNM shares. Citigroup upped their price objective on shares of Core & Main from $54.00 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, December 10th. Barclays lowered their price target on Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 1st. Royal Bank Of Canada dropped their price target on Core & Main from $67.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 10th. The Goldman Sachs Group cut their price objective on Core & Main from $68.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, September 12th. Finally, JPMorgan Chase & Co. increased their target price on Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 10th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $60.82.

Core & Main Company Profile

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.