New York Life Investment Management LLC Invests $562,000 in Core & Main, Inc. $CNM

New York Life Investment Management LLC bought a new stake in Core & Main, Inc. (NYSE:CNM) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 10,436 shares of the company’s stock, valued at approximately $562,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. ELCO Management Co. LLC increased its holdings in Core & Main by 149.0% in the 3rd quarter. ELCO Management Co. LLC now owns 14,728 shares of the company’s stock valued at $793,000 after purchasing an additional 8,813 shares in the last quarter. Cullen Capital Management LLC grew its stake in shares of Core & Main by 12.2% in the third quarter. Cullen Capital Management LLC now owns 14,023 shares of the company’s stock valued at $755,000 after buying an additional 1,529 shares in the last quarter. Machina Capital S.A.S. purchased a new stake in shares of Core & Main during the 3rd quarter valued at about $208,000. Envestnet Asset Management Inc. lifted its position in Core & Main by 16.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 218,050 shares of the company’s stock worth $11,738,000 after acquiring an additional 30,262 shares in the last quarter. Finally, Hantz Financial Services Inc. boosted its holdings in Core & Main by 334.2% in the 3rd quarter. Hantz Financial Services Inc. now owns 2,783 shares of the company’s stock worth $150,000 after acquiring an additional 2,142 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CNM shares. Citigroup lifted their price objective on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Robert W. Baird lifted their price target on shares of Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. JPMorgan Chase & Co. upped their price objective on shares of Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Wells Fargo & Company raised their target price on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $63.00 price target on shares of Core & Main in a research note on Friday, January 9th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $62.00.

Core & Main Price Performance

Shares of CNM stock opened at $58.19 on Friday. The firm has a fifty day moving average of $55.43 and a two-hundred day moving average of $55.04. The firm has a market cap of $11.38 billion, a P/E ratio of 25.63, a P/E/G ratio of 2.14 and a beta of 0.98. Core & Main, Inc. has a 1-year low of $43.17 and a 1-year high of $67.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Tuesday, December 9th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.72 by $0.17. The business had revenue of $2.06 billion for 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%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.69 earnings per share. As a group, research analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

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

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.