Granite Investment Partners LLC Reduces Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Granite Investment Partners LLC lowered its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 1.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 144,623 shares of the company’s stock after selling 2,592 shares during the quarter. Granite Investment Partners LLC owned approximately 0.07% of Core & Main worth $7,078,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in CNM. Rise Advisors LLC bought a new stake in Core & Main during the first quarter valued at approximately $27,000. Quadrant Capital Group LLC grew its position in shares of Core & Main by 74.5% during the 4th quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock valued at $35,000 after acquiring an additional 365 shares during the period. ORG Partners LLC purchased a new stake in shares of Core & Main in the 1st quarter worth $38,000. Principal Securities Inc. purchased a new stake in shares of Core & Main in the 4th quarter worth $43,000. Finally, Brown Brothers Harriman & Co. bought a new position in Core & Main in the 2nd quarter worth $76,000. Institutional investors own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CNM. Truist Financial reduced their price target on Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. The Goldman Sachs Group dropped their price target on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Bank of America lowered their target price on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a research note on Thursday, September 5th. JPMorgan Chase & Co. cut their price target on Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, September 3rd. Finally, Royal Bank of Canada decreased their price target on Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Core & Main presently has an average rating of “Moderate Buy” and a consensus price target of $49.30.

Insider Activity at Core & Main

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $52.22, for a total transaction of $652,750.00. Following the completion of the transaction, the director now owns 11,769 shares in the company, valued at $614,577.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.49% of the stock is owned by insiders.

Core & Main Trading Up 3.8 %

Shares of Core & Main stock opened at $44.81 on Friday. Core & Main, Inc. has a twelve month low of $27.75 and a twelve month high of $62.15. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. The business has a 50-day moving average price of $48.30 and a 200-day moving average price of $52.27. The firm has a market cap of $9.03 billion, a price-to-earnings ratio of 20.94, a PEG ratio of 2.52 and a beta of 1.04.

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

Core & Main declared that its board has approved a stock buyback program on Wednesday, June 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 6.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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.