534,725 Core & Main, Inc. $CNM Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its stake in shares of Core & Main, Inc. (NYSE:CNM) by 10.8% during the third quarter, HoldingsChannel reports. The fund owned 4,428,185 shares of the company’s stock after selling 534,725 shares during the period. Pictet Asset Management Holding SA’s holdings in Core & Main were worth $183,684,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. First Trust Advisors LP lifted its position in Core & Main by 15.3% in the 1st quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock valued at $302,863,000 after acquiring an additional 812,770 shares in the last quarter. KBC Group NV increased its holdings in Core & Main by 4.5% during the 1st quarter. KBC Group NV now owns 2,737,992 shares of the company’s stock worth $135,257,000 after purchasing an additional 119,076 shares in the last quarter. Bessemer Group Inc. increased its holdings in Core & Main by 2.8% during the 1st quarter. Bessemer Group Inc. now owns 2,663,161 shares of the company’s stock worth $131,561,000 after purchasing an additional 72,712 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Core & Main by 6.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,661,022 shares of the company’s stock worth $131,425,000 after purchasing an additional 152,077 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Core & Main by 12.6% during the 1st quarter. Bank of New York Mellon Corp now owns 1,231,839 shares of the company’s stock worth $60,853,000 after purchasing an additional 138,115 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Stock Performance

Shares of CNM stock opened at $45.83 on Monday. The company’s fifty day simple moving average is $42.49 and its 200-day simple moving average is $47.73. The company has a quick ratio of 1.51, a current ratio of 2.47 and a debt-to-equity ratio of 1.16. The firm has a market cap of $8.73 billion, a PE ratio of 18.86, a P/E/G ratio of 1.92 and a beta of 0.91. Core & Main, Inc. has a 12 month low of $39.42 and a 12 month high of $59.66.

Core & Main (NYSE:CNM) last announced its earnings results on Wednesday, September 9th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.91 by $0.03. The business had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.14 billion. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.87 earnings per share. Equities research analysts expect that Core & Main, Inc. will post 3.00 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CNM. Royal Bank Of Canada cut their price target on Core & Main from $60.00 to $57.00 and set an “outperform” rating on the stock in a report on Wednesday, October 7th. Truist Financial reduced their price objective on Core & Main from $50.00 to $45.00 and set a “hold” rating for the company in a research report on Thursday, September 10th. Northcoast Research downgraded Core & Main from a “buy” rating to a “neutral” rating in a report on Wednesday, August 26th. Barclays dropped their target price on Core & Main from $62.00 to $61.00 and set an “overweight” rating on the stock in a research report on Thursday, September 10th. Finally, Zacks Research cut Core & Main from a “hold” rating to a “strong sell” rating in a research note on Monday, September 14th. Eight research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.27.

Core & Main Profile

Core & Main, Inc is a distributor of products and services used in water, wastewater, storm drainage, and fire protection infrastructure. Its customers include municipalities, water utilities, contractors, and other commercial and industrial organizations.

The company offers products such as pipe, valves, fittings, hydrants, meters, and related supplies. It also provides services supporting infrastructure projects, including product fabrication and technical assistance.

Based in St.