Sendero Wealth Management LLC Raises Stock Position in Core & Main, Inc. (NYSE:CNM)

Sendero Wealth Management LLC raised its stake in shares of Core & Main, Inc. (NYSE:CNM) by 21.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,529 shares of the company’s stock after purchasing an additional 2,588 shares during the period. Sendero Wealth Management LLC’s holdings in Core & Main were worth $645,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Rise Advisors LLC acquired a new position in shares of Core & Main during the 1st quarter worth about $27,000. ORG Partners LLC acquired a new position in shares of Core & Main during the first quarter valued at approximately $38,000. GAMMA Investing LLC lifted its position in shares of Core & Main by 61.1% in the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock valued at $60,000 after acquiring an additional 511 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new position in shares of Core & Main in the second quarter valued at approximately $76,000. Finally, CWM LLC boosted its stake in shares of Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company’s stock worth $80,000 after acquiring an additional 334 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Insider Activity

In related news, Director James G. Castellano sold 12,500 shares of the business’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 sale, the director now owns 11,769 shares in the company, valued at approximately $614,577.18. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.49% of the company’s stock.

Core & Main Trading Up 1.8 %

CNM stock traded up $0.78 during midday trading on Thursday, hitting $44.23. 982,434 shares of the company’s stock were exchanged, compared to its average volume of 2,625,623. Core & Main, Inc. has a 1-year low of $29.13 and a 1-year high of $62.15. 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 stock has a market capitalization of $8.91 billion, a PE ratio of 20.30, a P/E/G ratio of 2.87 and a beta of 1.02. The business has a 50-day simple moving average of $45.82 and a two-hundred day simple moving average of $51.47.

Core & Main (NYSE:CNM) last issued 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). Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same period in the previous year, the business posted $0.66 earnings per share. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, sell-side analysts predict 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 allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 6.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CNM shares. Robert W. Baird decreased their price objective on Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Loop Capital decreased 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. Bank of America lowered their price target on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Thursday, September 5th. Royal Bank of Canada cut their price objective on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Finally, Wells Fargo & Company began coverage on Core & Main in a report on Monday, September 23rd. They set an “overweight” rating and a $52.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.55.

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.