Anomaly Capital Management LP Has $176.60 Million Stock Position in Core & Main, Inc. (NYSE:CNM)

Anomaly Capital Management LP raised its stake in shares of Core & Main, Inc. (NYSE:CNM) by 35.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,608,523 shares of the company’s stock after purchasing an additional 953,489 shares during the quarter. Core & Main accounts for about 6.7% of Anomaly Capital Management LP’s investment portfolio, making the stock its 5th biggest position. Anomaly Capital Management LP owned about 1.79% of Core & Main worth $176,601,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. QRG Capital Management Inc. lifted its position in Core & Main by 1.9% in the second quarter. QRG Capital Management Inc. now owns 12,153 shares of the company’s stock worth $595,000 after purchasing an additional 228 shares during the period. United Services Automobile Association raised its stake in shares of Core & Main by 2.0% in the 2nd quarter. United Services Automobile Association now owns 13,307 shares of the company’s stock valued at $651,000 after buying an additional 266 shares in the last quarter. CWM LLC lifted its holdings in shares of Core & Main by 25.6% during the 2nd quarter. CWM LLC now owns 1,638 shares of the company’s stock worth $80,000 after acquiring an additional 334 shares during the period. Quadrant Capital Group LLC boosted 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 in the last quarter. Finally, Lisanti Capital Growth LLC increased its stake in Core & Main by 0.3% in the first quarter. Lisanti Capital Growth LLC now owns 157,865 shares of the company’s stock valued at $9,038,000 after acquiring an additional 395 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Wall Street Analyst Weigh In

CNM has been the subject of a number of analyst reports. The Goldman Sachs Group cut 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 note on Friday, September 6th. Robert W. Baird cut their target price on Core & Main from $62.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Wells Fargo & Company began coverage on Core & Main in a research note on Monday. They issued an “overweight” rating and a $52.00 price target on the stock. Royal Bank of Canada dropped their price objective on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.55.

Insider Activity

In related news, Director James G. Castellano sold 12,500 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 11,769 shares of the company’s stock, valued at $614,577.18. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.49% of the company’s stock.

Core & Main Stock Down 3.1 %

Shares of NYSE CNM opened at $43.41 on Monday. The firm’s 50-day simple moving average is $48.03 and its 200 day simple moving average is $52.23. Core & Main, Inc. has a 12-month low of $27.75 and a 12-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 company has a market cap of $8.75 billion, a price-to-earnings ratio of 20.29, a price-to-earnings-growth ratio of 2.52 and a beta of 1.04.

Core & Main (NYSE:CNM) last issued its quarterly earnings results 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 firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $2.05 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The company’s revenue was up 5.5% compared to the same quarter last year. During the same period last year, the company earned $0.66 EPS. On average, research analysts expect 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 approved a stock repurchase plan on Wednesday, June 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

About Core & Main

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.