Thrivent Financial for Lutherans Buys 62,096 Shares of Core & Main, Inc. $CNM

Thrivent Financial for Lutherans boosted its stake in shares of Core & Main, Inc. (NYSE:CNM) by 42.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 208,499 shares of the company’s stock after acquiring an additional 62,096 shares during the quarter. Thrivent Financial for Lutherans owned 0.11% of Core & Main worth $12,583,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Montrusco Bolton Investments Inc. acquired a new position in Core & Main in the second quarter valued at about $9,849,000. Allworth Financial LP raised its stake in shares of Core & Main by 6,188.2% in the second quarter. Allworth Financial LP now owns 9,055 shares of the company’s stock valued at $546,000 after acquiring an additional 8,911 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Core & Main by 17.4% in the second quarter. Envestnet Asset Management Inc. now owns 187,788 shares of the company’s stock valued at $11,333,000 after acquiring an additional 27,892 shares during the last quarter. Vident Advisory LLC boosted its holdings in shares of Core & Main by 155.9% in the 1st quarter. Vident Advisory LLC now owns 10,808 shares of the company’s stock worth $522,000 after acquiring an additional 6,584 shares in the last quarter. Finally, Bessemer Group Inc. grew its position in Core & Main by 0.4% during the 2nd quarter. Bessemer Group Inc. now owns 3,371,475 shares of the company’s stock worth $203,467,000 after acquiring an additional 14,244 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Price Performance

Core & Main stock opened at $53.02 on Thursday. The business’s 50-day simple moving average is $50.70 and its 200 day simple moving average is $56.41. 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 stock has a market cap of $10.47 billion, a price-to-earnings ratio of 23.36, a P/E/G ratio of 2.32 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 released its earnings results on Tuesday, December 9th. The company reported $0.72 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.72. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The company’s revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.69 EPS. As a group, research analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CNM. Truist Financial cut their price objective on Core & Main from $56.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, September 11th. Robert W. Baird raised their target price on Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. The Goldman Sachs Group reduced their price target on shares of Core & Main from $68.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, September 12th. Royal Bank Of Canada lowered their price objective on shares of Core & Main from $67.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday, September 10th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price 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. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $60.82.

About Core & Main

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.