Duff & Phelps Investment Management Co. Decreases Stock Position in Core & Main, Inc. $CNM

Duff & Phelps Investment Management Co. decreased its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 12.2% during the third quarter, Holdings Channel.com reports. The fund owned 336,909 shares of the company’s stock after selling 46,941 shares during the period. Duff & Phelps Investment Management Co.’s holdings in Core & Main were worth $18,136,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Capital World Investors raised its position in shares of Core & Main by 294.9% in the 3rd 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 last quarter. Norges Bank acquired a new stake in shares of Core & Main during the second quarter worth $116,333,000. Bornite Capital Management LP purchased a new stake in shares of Core & Main during the third quarter valued at $53,830,000. AMF Tjanstepension AB acquired a new position in shares of Core & Main in the 3rd quarter valued at $41,558,000. Finally, Fernbridge Capital Management LP increased its position in shares of Core & Main by 180.4% in the 2nd quarter. Fernbridge Capital Management LP now owns 1,071,238 shares of the company’s stock valued at $64,649,000 after acquiring an additional 689,228 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price target on Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Citigroup upped their target price on Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. 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. Royal Bank Of Canada restated an “outperform” rating and set a $63.00 price objective on shares of Core & Main in a research note on Friday, January 9th. Finally, Zacks Research downgraded shares of Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $62.00.

Core & Main Stock Down 0.5%

Core & Main stock opened at $49.12 on Thursday. The business’s 50-day moving average price is $55.48 and its 200 day moving average price is $53.75. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04. The firm has a market cap of $9.60 billion, a price-to-earnings ratio of 21.64, a price-to-earnings-growth ratio of 1.82 and a beta of 0.98. Core & Main, Inc. has a 52 week low of $43.17 and a 52 week high of $67.18.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, December 9th. The company reported $0.89 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $2.06 billion. During the same period in the previous year, the company posted $0.69 earnings per share. Core & Main’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Core & Main declared that its board has initiated a stock repurchase plan on Tuesday, December 9th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors 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.