Forest Avenue Capital Management LP Has $46.40 Million Stock Position in Core & Main, Inc. (NYSE:CNM)

Forest Avenue Capital Management LP grew its stake in shares of Core & Main, Inc. (NYSE:CNM) by 52.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 948,169 shares of the company’s stock after buying an additional 325,269 shares during the period. Core & Main accounts for about 6.4% of Forest Avenue Capital Management LP’s investment portfolio, making the stock its 3rd largest position. Forest Avenue Capital Management LP owned about 0.47% of Core & Main worth $46,403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Core & Main by 35.2% in the 1st quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock valued at $1,038,457,000 after acquiring an additional 4,721,510 shares during the last quarter. Capital International Investors grew its position in shares of Core & Main by 470.6% during the first quarter. Capital International Investors now owns 5,093,278 shares of the company’s stock valued at $291,590,000 after purchasing an additional 4,200,591 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of Core & Main by 37.1% in the second quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock worth $205,974,000 after purchasing an additional 1,137,817 shares during the last quarter. Royal London Asset Management Ltd. lifted its position in shares of Core & Main by 11.0% in the second quarter. Royal London Asset Management Ltd. now owns 2,688,455 shares of the company’s stock worth $131,573,000 after buying an additional 266,935 shares in the last quarter. Finally, Artemis Investment Management LLP grew its holdings in Core & Main by 148.0% during the 1st quarter. Artemis Investment Management LLP now owns 2,650,209 shares of the company’s stock valued at $151,655,000 after buying an additional 1,581,389 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Stock Down 3.1 %

Shares of CNM opened at $43.44 on Friday. The firm has a fifty day moving average price of $48.18 and a 200-day moving average price of $52.22. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40. The firm has a market capitalization of $8.75 billion, a P/E ratio of 20.30, a P/E/G ratio of 2.52 and a beta of 1.04. Core & Main, Inc. has a 12-month low of $27.75 and a 12-month high of $62.15.

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 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 net margin of 5.58% and a return on equity of 21.91%. Core & Main’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the firm earned $0.66 earnings per share. Equities research analysts expect that Core & Main, Inc. will post 2.1 earnings per share for the current year.

Core & Main declared that its Board of Directors has approved a share repurchase program on Wednesday, June 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Bank of America decreased their price objective on Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Thursday, September 5th. Barclays lowered their price objective on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, September 5th. Truist Financial reduced their target price on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Loop Capital lowered their price target on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. decreased their price objective on Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 3rd. One 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. According to data from MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.30.

Insiders Place Their Bets

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

Core & Main Company 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.