Cerity Partners LLC Increases Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Cerity Partners LLC lifted its position in shares of Core & Main, Inc. (NYSE:CNM) by 53.9% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 31,728 shares of the company’s stock after purchasing an additional 11,118 shares during the quarter. Cerity Partners LLC’s holdings in Core & Main were worth $1,409,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Select Equity Group L.P. boosted its holdings in shares of 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 worth $754,986,000 after buying an additional 39,475 shares during the period. Pacer Advisors Inc. boosted its holdings in Core & Main by 1.0% in the 3rd quarter. Pacer Advisors Inc. now owns 4,250,219 shares of the company’s stock valued at $188,710,000 after purchasing an additional 41,521 shares during the period. Anomaly Capital Management LP grew its position in Core & Main by 35.9% during 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 in the last quarter. Handelsbanken Fonder AB boosted its stake in Core & Main by 34.0% during the third quarter. Handelsbanken Fonder AB now owns 2,985,529 shares of the company’s stock worth $132,557,000 after buying an additional 757,000 shares in the last quarter. Finally, Royal London Asset Management Ltd. increased its stake in 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 valued at $131,573,000 after acquiring an additional 266,935 shares during the period. 94.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CNM shares. The Goldman Sachs Group decreased their price objective on Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Bank of America cut their price objective 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. Truist Financial dropped their price objective on Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. JPMorgan Chase & Co. cut their price objective on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. Finally, 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Core & Main presently has an average rating of “Moderate Buy” and a consensus target price of $51.20.

Core & Main Stock Performance

Shares of NYSE:CNM opened at $55.78 on Wednesday. The business’s 50 day moving average price is $44.80 and its 200-day moving average price is $48.09. The firm has a market capitalization of $11.22 billion, a PE ratio of 26.69, a P/E/G ratio of 3.14 and a beta of 1.04. 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 $35.03 and a 1 year high of $62.15.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04. Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same quarter last year, the company earned $0.65 EPS. The business’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, equities research analysts expect that Core & Main, Inc. will post 2.1 earnings per share for the current fiscal year.

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.