Victory Capital Management Inc. Decreases Holdings in Core & Main, Inc. (NYSE:CNM)

Victory Capital Management Inc. reduced its stake in Core & Main, Inc. (NYSE:CNM) by 71.2% during the third quarter, according to its most recent filing with the SEC. The fund owned 229,645 shares of the company’s stock after selling 568,409 shares during the quarter. Victory Capital Management Inc. owned 0.11% of Core & Main worth $10,196,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Core & Main by 35.2% in the first 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. Select Equity Group L.P. lifted its stake in Core & Main by 0.3% in the second quarter. Select Equity Group L.P. now owns 15,426,777 shares of the company’s stock valued at $754,986,000 after purchasing an additional 39,475 shares during the last quarter. Capital International Investors lifted its stake in Core & Main by 470.6% in 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 during the last quarter. Pacer Advisors Inc. grew its holdings in Core & Main by 37.1% during the second quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock valued at $205,974,000 after purchasing an additional 1,137,817 shares during the period. Finally, Anomaly Capital Management LP increased its position in Core & Main by 35.9% in the second quarter. Anomaly Capital Management LP now owns 3,608,523 shares of the company’s stock worth $176,601,000 after buying an additional 953,489 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on CNM shares. 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. Truist Financial cut their target price on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Royal Bank of Canada lowered their price target on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Barclays cut their price objective on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, September 5th. Finally, 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 report on Thursday, September 5th. 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.20.

Core & Main Stock Performance

NYSE CNM opened at $44.75 on Thursday. The company’s 50 day simple moving average is $44.09 and its two-hundred day simple moving average is $48.90. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. Core & Main, Inc. has a 1 year low of $33.67 and a 1 year high of $62.15. The stock has a market capitalization of $9.00 billion, a PE ratio of 21.41, a P/E/G ratio of 2.77 and a beta of 1.02.

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

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.