Victory Capital Management Inc. Cuts Holdings in Core & Main, Inc. (NYSE:CNM)

Victory Capital Management Inc. lowered its stake in shares of Core & Main, Inc. (NYSE:CNM) by 71.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 229,645 shares of the company’s stock after selling 568,409 shares during the period. Victory Capital Management Inc.’s holdings in Core & Main were worth $10,196,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Core & Main by 35.2% in the first 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 during the last quarter. Capital International Investors boosted 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 worth $291,590,000 after purchasing an additional 4,200,591 shares in the last quarter. Swedbank AB purchased a new position in shares of Core & Main in the 1st quarter worth about $98,876,000. Impax Asset Management Group plc increased its position in shares of Core & Main by 373.0% during the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock valued at $89,416,000 after purchasing an additional 1,588,117 shares during the last quarter. Finally, Pacer Advisors Inc. raised its holdings in shares of Core & Main by 37.1% during the 2nd quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock valued at $205,974,000 after buying an additional 1,137,817 shares in the last quarter. 94.19% of the stock is owned by institutional investors.

Core & Main Price Performance

CNM stock opened at $44.75 on Thursday. The stock has a market capitalization of $9.00 billion, a price-to-earnings ratio of 21.41, a PEG ratio of 2.77 and a beta of 1.02. The firm’s 50-day moving average price is $44.09 and its two-hundred day moving average price is $48.90. 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 12-month low of $33.67 and a 12-month high of $62.15.

Core & Main (NYSE:CNM) last announced its quarterly 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). The business had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 EPS. As a group, equities analysts predict that Core & Main, Inc. will post 2.1 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on CNM. Truist Financial reduced 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. Barclays reduced 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. Loop Capital lowered their price target on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. Robert W. Baird raised their price objective on Core & Main from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Bank of America decreased their price objective on Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.20.

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.