American Century Companies Inc. Buys 128,858 Shares of Core & Main, Inc. (NYSE:CNM)

American Century Companies Inc. boosted its stake in Core & Main, Inc. (NYSE:CNM) by 10.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,378,181 shares of the company’s stock after purchasing an additional 128,858 shares during the period. American Century Companies Inc. owned approximately 0.68% of Core & Main worth $67,448,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. South Street Advisors LLC bought a new stake in Core & Main in the 2nd quarter worth approximately $8,427,000. Royal London Asset Management Ltd. boosted its stake in shares of Core & Main by 11.0% during the 2nd quarter. Royal London Asset Management Ltd. now owns 2,688,455 shares of the company’s stock worth $131,573,000 after acquiring an additional 266,935 shares during the last quarter. United Services Automobile Association boosted its stake in shares of Core & Main by 2.0% during the 2nd quarter. United Services Automobile Association now owns 13,307 shares of the company’s stock worth $651,000 after acquiring an additional 266 shares during the last quarter. Trium Capital LLP boosted its stake in shares of Core & Main by 7.7% during the 2nd quarter. Trium Capital LLP now owns 27,959 shares of the company’s stock worth $1,368,000 after acquiring an additional 2,003 shares during the last quarter. Finally, Caprock Group LLC boosted its stake in shares of Core & Main by 57.5% during the 2nd quarter. Caprock Group LLC now owns 5,839 shares of the company’s stock worth $286,000 after acquiring an additional 2,131 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Stock Up 2.3 %

CNM opened at $40.83 on Monday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.34 and a current ratio of 2.29. Core & Main, Inc. has a fifty-two week low of $27.75 and a fifty-two week high of $62.15. The firm’s fifty day moving average is $48.72 and its 200 day moving average is $52.43. The stock has a market cap of $8.23 billion, a price-to-earnings ratio of 19.08, a price-to-earnings-growth ratio of 2.52 and a beta of 1.04.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.13). The company had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 EPS. On average, sell-side analysts forecast that Core & Main, Inc. will post 2.1 earnings per share for the current fiscal year.

Core & Main announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 12th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 6.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CNM shares. The Goldman Sachs Group dropped their price target on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Truist Financial dropped their price target on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. Robert W. Baird dropped their price target on shares of Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Loop Capital dropped their price target on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. Finally, Barclays dropped their price target on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Core & Main currently has an average rating of “Moderate Buy” and an average target price of $49.30.

Insiders Place Their Bets

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $52.22, for a total value of $652,750.00. Following the sale, the director now owns 11,769 shares in the company, valued at approximately $614,577.18. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.49% of the company’s stock.

Core & Main Profile

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.