Canada Pension Plan Investment Board Has $11.94 Million Holdings in Core & Main, Inc. (NYSE:CNM)

Canada Pension Plan Investment Board lessened its stake in Core & Main, Inc. (NYSE:CNM) by 24.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 244,000 shares of the company’s stock after selling 78,106 shares during the quarter. Canada Pension Plan Investment Board owned about 0.12% of Core & Main worth $11,941,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CNM. Hsbc Holdings PLC bought a new stake in shares of Core & Main in the 2nd quarter valued at about $243,000. Mercer Global Advisors Inc. ADV grew its holdings in Core & Main by 5.6% during the second quarter. Mercer Global Advisors Inc. ADV now owns 13,247 shares of the company’s stock valued at $648,000 after purchasing an additional 705 shares during the period. Lmcg Investments LLC increased its stake in Core & Main by 1.5% in the second quarter. Lmcg Investments LLC now owns 110,039 shares of the company’s stock valued at $5,385,000 after purchasing an additional 1,608 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Core & Main by 15.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,818,679 shares of the company’s stock worth $89,007,000 after purchasing an additional 238,469 shares during the period. Finally, Brown Brothers Harriman & Co. bought a new position in shares of Core & Main during the second quarter worth $76,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

Insider Transactions at Core & Main

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

Core & Main Stock Up 1.8 %

Shares of CNM stock opened at $44.17 on Tuesday. The firm’s fifty day moving average price is $47.88 and its two-hundred day moving average price is $52.18. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40. Core & Main, Inc. has a 1 year low of $27.98 and a 1 year high of $62.15. The firm has a market capitalization of $8.90 billion, a P/E ratio of 20.64, a PEG ratio of 2.52 and a beta of 1.04.

Core & Main (NYSE:CNM) last released its earnings results 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 net margin of 5.58% and a return on equity of 21.91%. The company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same period in the prior year, the firm posted $0.66 EPS. Core & Main’s revenue was up 5.5% compared to the same quarter last year. On average, equities 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 share repurchase program 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 programs are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts recently commented on CNM shares. Robert W. Baird dropped their price objective on Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. The Goldman Sachs Group cut their price objective on Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Truist Financial lowered their target price on Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. Barclays cut their price target on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, September 5th. Finally, Loop Capital lowered their price objective on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.55.

Core & Main 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.