Wedge Capital Management L L P NC Increases Position in Core & Main, Inc. $CNM

Wedge Capital Management L L P NC lifted its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 23.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 226,048 shares of the company’s stock after acquiring an additional 42,758 shares during the quarter. Wedge Capital Management L L P NC owned 0.11% of Core & Main worth $12,168,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Montrusco Bolton Investments Inc. bought a new position in Core & Main during the second quarter valued at about $9,849,000. Allworth Financial LP boosted its stake in Core & Main by 6,188.2% in the second quarter. Allworth Financial LP now owns 9,055 shares of the company’s stock valued at $546,000 after acquiring an additional 8,911 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Core & Main by 17.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 187,788 shares of the company’s stock valued at $11,333,000 after acquiring an additional 27,892 shares during the period. Vident Advisory LLC increased its stake in shares of Core & Main by 155.9% during the 1st quarter. Vident Advisory LLC now owns 10,808 shares of the company’s stock worth $522,000 after purchasing an additional 6,584 shares during the last quarter. Finally, Bessemer Group Inc. raised its holdings in shares of Core & Main by 0.4% in the 2nd quarter. Bessemer Group Inc. now owns 3,371,475 shares of the company’s stock worth $203,467,000 after purchasing an additional 14,244 shares during the period. Institutional investors own 94.19% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on CNM shares. Deutsche Bank Aktiengesellschaft raised their target price on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Citigroup boosted their price objective on Core & Main from $54.00 to $56.00 and gave the company a “neutral” rating in a research note on Wednesday, December 10th. Barclays cut their target price on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Monday, December 1st. Robert W. Baird boosted their price target on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research report on Wednesday, December 10th. Finally, Zacks Research raised shares of Core & Main from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.82.

Core & Main Trading Down 0.2%

Shares of Core & Main stock opened at $53.91 on Monday. The company’s 50-day moving average price is $50.85 and its 200-day moving average price is $56.36. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. Core & Main, Inc. has a 12-month low of $43.17 and a 12-month high of $67.18. The company has a market cap of $10.64 billion, a price-to-earnings ratio of 23.75, a PEG ratio of 2.28 and a beta of 0.98.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, December 9th. The company reported $0.72 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.72. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The business had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the prior year, the firm posted $0.69 EPS. Core & Main’s revenue was up 1.2% on a year-over-year basis. On average, equities analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Core & Main declared that its Board of Directors has authorized a share repurchase program 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 programs are generally a sign that the company’s leadership believes its shares are undervalued.

Core & Main Company 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.