Holocene Advisors LP Takes $100.77 Million Position in Core & Main, Inc. $CNM

Holocene Advisors LP acquired a new position in Core & Main, Inc. (NYSE:CNM) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 1,871,906 shares of the company’s stock, valued at approximately $100,765,000.

Several other institutional investors also recently bought and sold shares of the stock. Brevan Howard Capital Management LP grew its position in Core & Main by 56.7% during the 3rd quarter. Brevan Howard Capital Management LP now owns 72,341 shares of the company’s stock worth $3,894,000 after acquiring an additional 26,167 shares during the last quarter. Circumference Group LLC purchased a new position in Core & Main in the 3rd quarter worth approximately $2,692,000. California Public Employees Retirement System lifted its position in Core & Main by 15.7% in the third quarter. California Public Employees Retirement System now owns 423,375 shares of the company’s stock valued at $22,790,000 after purchasing an additional 57,379 shares during the last quarter. Chilton Investment Co. Inc. lifted its position in Core & Main by 17.8% in the third quarter. Chilton Investment Co. Inc. now owns 106,966 shares of the company’s stock valued at $5,758,000 after purchasing an additional 16,137 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Core & Main by 6.8% during the third quarter. Alliancebernstein L.P. now owns 1,796,097 shares of the company’s stock valued at $96,684,000 after purchasing an additional 113,895 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Price Performance

Shares of CNM stock opened at $48.05 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26. Core & Main, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $67.18. The firm has a market cap of $9.39 billion, a P/E ratio of 21.17, a P/E/G ratio of 1.77 and a beta of 0.98. The business’s 50 day moving average price is $55.28 and its 200-day moving average price is $53.42.

Core & Main announced that its board has authorized a stock repurchase plan on Tuesday, December 9th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CNM shares. Deutsche Bank Aktiengesellschaft raised their target price 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. Robert W. Baird upped their price target 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. JPMorgan Chase & Co. raised their price target on shares of Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a report on Wednesday, December 10th. Citigroup boosted their price objective on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Finally, Wells Fargo & Company upped their price objective 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. 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 currently has an average rating of “Moderate Buy” and a consensus target price 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.