Caprock Group LLC Acquires 2,131 Shares of Core & Main, Inc. (NYSE:CNM)

Caprock Group LLC increased its position in Core & Main, Inc. (NYSE:CNM) by 57.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,839 shares of the company’s stock after purchasing an additional 2,131 shares during the quarter. Caprock Group LLC’s holdings in Core & Main were worth $286,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of CNM. Vanguard Group Inc. raised 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 purchasing an additional 4,721,510 shares during the period. Capital International Investors raised its holdings in shares of 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 purchasing an additional 4,200,591 shares during the period. Bessemer Group Inc. raised its holdings in shares of Core & Main by 915.9% in the 1st quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock valued at $148,073,000 after purchasing an additional 2,331,802 shares during the period. Swedbank AB bought a new stake in shares of Core & Main in the 1st quarter valued at about $98,876,000. Finally, Norges Bank bought a new stake in shares of Core & Main in the 4th quarter valued at about $69,282,000. 94.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CNM shares. Barclays dropped their target price on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, September 5th. Truist Financial lowered their price target on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a 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 report on Thursday, September 5th. The Goldman Sachs Group lowered their price target on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Finally, 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 report on Thursday, September 5th. One equities research 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.30.

Core & Main Stock Performance

Shares of NYSE:CNM opened at $40.82 on Friday. The company’s 50 day moving average price is $48.72 and its two-hundred day moving average price is $52.36. Core & Main, Inc. has a 12-month low of $27.75 and a 12-month high of $62.15. The firm has a market cap of $8.22 billion, a PE ratio of 19.07, a PEG ratio of 2.52 and a beta of 1.04. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40.

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

Core & Main declared that its Board of Directors has approved a stock buyback plan on Wednesday, June 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 6.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director James G. Castellano sold 12,500 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $52.22, for a total transaction of $652,750.00. Following the sale, the director now owns 11,769 shares in the company, valued at approximately $614,577.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.49% of the stock is currently owned by company insiders.

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.