Bessemer Group Inc. Trims Holdings in Core & Main, Inc. $CNM

Bessemer Group Inc. reduced its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 6.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 3,162,843 shares of the company’s stock after selling 208,632 shares during the period. Bessemer Group Inc.’s holdings in Core & Main were worth $170,254,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its stake in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after buying an additional 269 shares during the period. Cubist Systematic Strategies LLC lifted its position in Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after acquiring an additional 524 shares during the period. Hantz Financial Services Inc. grew its stake in shares of Core & Main by 815.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 641 shares of the company’s stock valued at $39,000 after purchasing an additional 571 shares during the last quarter. Wilmington Savings Fund Society FSB grew its stake in shares of Core & Main by 47.8% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock valued at $52,000 after purchasing an additional 311 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in shares of Core & Main by 108.5% in the third quarter. Farther Finance Advisors LLC now owns 1,026 shares of the company’s stock valued at $55,000 after purchasing an additional 534 shares during the period. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Stock Performance

CNM opened at $56.59 on Thursday. Core & Main, Inc. has a 1-year low of $43.17 and a 1-year high of $67.18. The stock has a market cap of $11.06 billion, a P/E ratio of 24.93, a P/E/G ratio of 2.04 and a beta of 0.98. The stock’s 50 day simple moving average is $54.28 and its 200 day simple moving average is $55.41. 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 announced its quarterly earnings results on Tuesday, December 9th. The company reported $0.72 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.72. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The business had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter last year, the business posted $0.69 earnings per share. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main declared that its Board of Directors has initiated a stock buyback program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CNM shares. Barclays lowered their price objective on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Monday, December 1st. Robert W. Baird lifted their target price on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, December 10th. 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 report on Wednesday, January 14th. Zacks Research upgraded Core & Main from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 31st. 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. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average 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.