Advisors Asset Management Inc. Grows Position in Core & Main, Inc. (NYSE:CNM)

Advisors Asset Management Inc. raised its position in Core & Main, Inc. (NYSE:CNM) by 4.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,140 shares of the company’s stock after acquiring an additional 2,129 shares during the quarter. Advisors Asset Management Inc.’s holdings in Core & Main were worth $2,404,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CNM. Lazard Asset Management LLC increased its holdings in shares of Core & Main by 370.9% in the 1st quarter. Lazard Asset Management LLC now owns 273,561 shares of the company’s stock valued at $15,661,000 after acquiring an additional 215,472 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Core & Main by 31.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,566,745 shares of the company’s stock valued at $89,697,000 after purchasing an additional 375,311 shares during the last quarter. Rhumbline Advisers raised its holdings in Core & Main by 6.2% during the second quarter. Rhumbline Advisers now owns 508,554 shares of the company’s stock worth $24,889,000 after purchasing an additional 29,490 shares in the last quarter. Comerica Bank lifted its position in shares of Core & Main by 30.9% during the 1st quarter. Comerica Bank now owns 67,754 shares of the company’s stock worth $3,879,000 after buying an additional 16,009 shares during the last quarter. Finally, Swedbank AB acquired a new position in shares of Core & Main in the 1st quarter valued at $98,876,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Robert W. Baird lifted their price target on shares of Core & Main from $53.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Bank of America reduced their target price on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. JPMorgan Chase & Co. decreased their target price on Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. Wells Fargo & Company initiated coverage on Core & Main in a research report on Monday, September 23rd. They set an “overweight” rating and a $52.00 price target on the stock. Finally, The Goldman Sachs Group decreased their price objective on Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, September 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.20.

Core & Main Price Performance

Core & Main stock opened at $45.27 on Friday. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. The business has a 50 day simple moving average of $44.27 and a 200-day simple moving average of $48.70. Core & Main, Inc. has a 12 month low of $34.02 and a 12 month high of $62.15. The stock has a market capitalization of $9.11 billion, a PE ratio of 21.66, a price-to-earnings-growth ratio of 2.90 and a beta of 1.02.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The firm had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter in the previous year, the company posted $0.66 EPS. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. Equities analysts predict that Core & Main, Inc. will post 2.1 earnings per share for the current year.

About Core & Main

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.