Fernbridge Capital Management LP Takes Position in Core & Main, Inc. (NYSE:CNM)

Fernbridge Capital Management LP bought a new position in shares of Core & Main, Inc. (NYSE:CNM) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 826,464 shares of the company’s stock, valued at approximately $40,447,000. Core & Main accounts for about 2.7% of Fernbridge Capital Management LP’s holdings, making the stock its 15th largest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Rise Advisors LLC acquired a new stake in Core & Main during the first quarter worth approximately $27,000. Quadrant Capital Group LLC grew its holdings in Core & Main by 74.5% in the 4th quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock valued at $35,000 after buying an additional 365 shares in the last quarter. ORG Partners LLC bought a new position in Core & Main during the 1st quarter worth $38,000. Principal Securities Inc. bought a new position in Core & Main during the 4th quarter worth $43,000. Finally, Brown Brothers Harriman & Co. acquired a new stake 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 Activity at Core & Main

In other Core & Main news, Director James G. Castellano sold 12,500 shares of Core & Main stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $52.22, for a total transaction of $652,750.00. Following the transaction, the director now directly owns 11,769 shares of the company’s stock, valued at approximately $614,577.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.49% of the stock is currently owned by company insiders.

Core & Main Price Performance

Core & Main stock opened at $43.41 on Friday. The stock has a 50-day moving average price of $48.03 and a two-hundred day moving average price of $52.18. Core & Main, Inc. has a 12 month low of $27.75 and a 12 month high of $62.15. The company has a market capitalization of $8.75 billion, a PE ratio of 20.29, a P/E/G ratio of 2.52 and a beta of 1.04. 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 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.13). The business 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 firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.66 earnings per share. Analysts expect that Core & Main, Inc. will post 2.1 EPS for the current year.

Core & Main announced that its board has authorized a stock buyback program on Wednesday, June 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 6.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms recently commented on CNM. 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 research report on Thursday, September 5th. Royal Bank of Canada dropped their price target on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Bank of America lowered their price objective on Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a research note 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 research report on Thursday, September 5th. Finally, Loop Capital reduced their price target on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently 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.