Core & Main, Inc. $CNM Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. lessened its position in Core & Main, Inc. (NYSE:CNM) by 6.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,162,843 shares of the company’s stock after selling 208,632 shares during the quarter. Bessemer Group Inc. owned approximately 1.60% of Core & Main worth $170,254,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC lifted its position in shares of Core & Main by 0.5% during the second quarter. Geode Capital Management LLC now owns 3,472,477 shares of the company’s stock worth $209,597,000 after purchasing an additional 18,874 shares in the last quarter. Amundi lifted its holdings in Core & Main by 2.8% during the 2nd quarter. Amundi now owns 3,357,973 shares of the company’s stock worth $186,955,000 after buying an additional 92,355 shares in the last quarter. Handelsbanken Fonder AB boosted its position in Core & Main by 14.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 2,823,433 shares of the company’s stock valued at $170,394,000 after buying an additional 351,219 shares during the period. Bank of America Corp DE grew its stake in shares of Core & Main by 20.6% in the second quarter. Bank of America Corp DE now owns 2,255,531 shares of the company’s stock worth $136,121,000 after acquiring an additional 385,659 shares in the last quarter. Finally, Jennison Associates LLC increased its position in shares of Core & Main by 41.7% during the third quarter. Jennison Associates LLC now owns 2,087,166 shares of the company’s stock worth $112,352,000 after acquiring an additional 614,595 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Trading Up 2.4%

Shares of Core & Main stock opened at $56.59 on Thursday. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. The company has a fifty day simple moving average of $54.28 and a 200-day simple moving average of $55.41. The stock has a market cap of $11.06 billion, a price-to-earnings ratio of 24.93, a PEG ratio of 2.04 and a beta of 0.98. Core & Main, Inc. has a 12-month low of $43.17 and a 12-month high of $67.18.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, December 9th. The company reported $0.72 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.72. The firm had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. Core & Main’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.69 earnings per share. On average, equities analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main announced that its board has authorized a stock buyback plan on Tuesday, December 9th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CNM. Citigroup boosted their target price on Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, January 8th. Deutsche Bank Aktiengesellschaft boosted their price objective on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. JPMorgan Chase & Co. raised their target price on shares of Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th. Zacks Research upgraded shares of Core & Main from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 31st. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $63.00 price objective on shares of Core & Main in a research report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.