Holocene Advisors LP Takes $100.77 Million Position in Core & Main, Inc. $CNM

Holocene Advisors LP purchased a new position in Core & Main, Inc. (NYSE:CNM) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,871,906 shares of the company’s stock, valued at approximately $100,765,000. Holocene Advisors LP owned 0.95% of Core & Main as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Thrivent Financial for Lutherans grew its holdings in shares of Core & Main by 42.4% during the second quarter. Thrivent Financial for Lutherans now owns 208,499 shares of the company’s stock worth $12,583,000 after purchasing an additional 62,096 shares in the last quarter. Wolverine Asset Management LLC bought a new position in shares of Core & Main in the third quarter worth approximately $1,130,000. Jennison Associates LLC raised its stake in Core & Main by 41.7% in the third quarter. Jennison Associates LLC now owns 2,087,166 shares of the company’s stock valued at $112,352,000 after purchasing an additional 614,595 shares in the last quarter. Pembroke Management LTD raised its stake in Core & Main by 26.6% in the third quarter. Pembroke Management LTD now owns 909,216 shares of the company’s stock valued at $48,943,000 after purchasing an additional 190,879 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in Core & Main by 286.4% during the third quarter. SG Americas Securities LLC now owns 122,806 shares of the company’s stock valued at $6,611,000 after purchasing an additional 91,026 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Trading Up 0.9%

CNM stock opened at $48.05 on Monday. The company has a market capitalization of $9.39 billion, a PE ratio of 21.17, a price-to-earnings-growth ratio of 1.77 and a beta of 0.98. Core & Main, Inc. has a one year low of $43.17 and a one year high of $67.18. The company’s 50 day moving average price is $55.28 and its two-hundred day moving average price is $53.42. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26.

Core & Main announced that its board has authorized a stock repurchase program on Tuesday, December 9th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have 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 research note on Thursday, December 11th. Barclays dropped their price objective on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 1st. Zacks Research lowered shares of Core & Main from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 9th. Royal Bank Of Canada reissued an “outperform” rating and issued a $63.00 target price on shares of Core & Main in a research note on Friday, January 9th. Finally, Wells Fargo & Company raised their price target on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.