Core & Main, Inc. $CNM Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp lessened its holdings in Core & Main, Inc. (NYSE:CNM) by 3.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 766,041 shares of the company’s stock after selling 23,749 shares during the period. Mackenzie Financial Corp owned about 0.39% of Core & Main worth $41,236,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Capital World Investors grew its holdings in Core & Main by 294.9% in the third quarter. Capital World Investors now owns 5,948,134 shares of the company’s stock valued at $320,188,000 after purchasing an additional 4,442,047 shares during the period. Vestcor Inc acquired a new position in shares of Core & Main during the 3rd quarter worth approximately $919,000. Swiss National Bank raised its stake in shares of Core & Main by 1.2% during the 3rd quarter. Swiss National Bank now owns 367,700 shares of the company’s stock worth $19,793,000 after buying an additional 4,500 shares during the period. First Trust Advisors LP lifted its position in shares of Core & Main by 10.7% during the 3rd quarter. First Trust Advisors LP now owns 3,835,835 shares of the company’s stock valued at $206,483,000 after buying an additional 369,200 shares in the last quarter. Finally, Modern Wealth Management LLC lifted its position in shares of Core & Main by 5.8% during the 3rd quarter. Modern Wealth Management LLC now owns 3,970 shares of the company’s stock valued at $214,000 after buying an additional 218 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft boosted their price target 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. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $63.00 price objective on shares of Core & Main in a report on Friday, January 9th. Barclays dropped their target price 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. Citigroup boosted their target price 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. Finally, Zacks Research lowered shares of Core & Main from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 9th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.00.

Core & Main Stock Down 3.2%

Shares of CNM opened at $47.61 on Friday. The stock has a 50 day moving average price of $55.39 and a 200 day moving average price of $53.71. Core & Main, Inc. has a one year low of $43.17 and a one year high of $67.18. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26. The stock has a market capitalization of $9.31 billion, a price-to-earnings ratio of 20.97, a PEG ratio of 1.81 and a beta of 0.98.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Tuesday, December 9th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.17. 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 for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter last year, the firm posted $0.69 EPS. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. Equities research analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Core & Main declared that its board has authorized a share repurchase program on Tuesday, December 9th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management 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.