National Bank of Canada FI Acquires 653 Shares of Core & Main, Inc. (NYSE:CNM)

National Bank of Canada FI grew its holdings in Core & Main, Inc. (NYSE:CNM) by 4.7% during the second quarter, Holdings Channel.com reports. The firm owned 14,453 shares of the company’s stock after acquiring an additional 653 shares during the quarter. National Bank of Canada FI’s holdings in Core & Main were worth $700,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CNM. Vanguard Group Inc. grew its holdings in shares of Core & Main by 35.2% in the 1st 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 in the last quarter. Capital International Investors raised its holdings in Core & Main by 470.6% in the 1st quarter. Capital International Investors now owns 5,093,278 shares of the company’s stock valued at $291,590,000 after acquiring an additional 4,200,591 shares during the period. Artemis Investment Management LLP lifted its position in Core & Main by 148.0% during the first quarter. Artemis Investment Management LLP now owns 2,650,209 shares of the company’s stock worth $151,655,000 after acquiring an additional 1,581,389 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of Core & Main by 915.9% during the first quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock worth $148,073,000 after acquiring an additional 2,331,802 shares during the period. Finally, First Trust Advisors LP increased its position in Core & Main by 2.8% during the 4th quarter. First Trust Advisors LP now owns 2,403,921 shares of the company’s stock worth $97,142,000 after buying an additional 66,575 shares during the period. Institutional investors own 94.19% of the company’s stock.

Core & Main Trading Up 2.9 %

Shares of Core & Main stock opened at $39.92 on Friday. The firm’s 50 day moving average is $48.87 and its 200 day moving average is $52.40. The firm has a market capitalization of $8.04 billion, a PE ratio of 18.65, a price-to-earnings-growth ratio of 2.41 and a beta of 1.04. Core & Main, Inc. has a 1 year low of $27.75 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.

Core & Main (NYSE:CNM) last posted its earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.05 billion. Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.66 EPS. Equities research analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Core & Main declared that its Board of Directors has approved a share repurchase program on Wednesday, June 12th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the stock in a transaction dated Monday, July 15th. The stock was 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 in the company, valued at $614,577.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.49% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CNM shares. JPMorgan Chase & Co. dropped their price target 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. Bank of America dropped their price objective on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. Truist Financial reduced their target price on Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Loop Capital dropped their price target on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. Finally, Barclays reduced their price objective 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. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.30.

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.