Oppenheimer Asset Management Inc. Purchases 2,152 Shares of Core & Main, Inc. (NYSE:CNM)

Oppenheimer Asset Management Inc. lifted its position in Core & Main, Inc. (NYSE:CNM) by 9.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 25,337 shares of the company’s stock after acquiring an additional 2,152 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Core & Main were worth $1,240,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted 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 worth $1,038,457,000 after purchasing an additional 4,721,510 shares during the last quarter. Capital International Investors lifted its stake in shares of Core & Main by 470.6% during the 1st quarter. Capital International Investors now owns 5,093,278 shares of the company’s stock worth $291,590,000 after acquiring an additional 4,200,591 shares during the last quarter. Royal London Asset Management Ltd. boosted its holdings in Core & Main by 11.0% during the 2nd quarter. Royal London Asset Management Ltd. now owns 2,688,455 shares of the company’s stock valued at $131,573,000 after acquiring an additional 266,935 shares during the period. Artemis Investment Management LLP grew its position in Core & Main by 148.0% in the 1st quarter. Artemis Investment Management LLP now owns 2,650,209 shares of the company’s stock valued at $151,655,000 after acquiring an additional 1,581,389 shares during the last quarter. Finally, Bessemer Group Inc. increased its stake in Core & Main by 915.9% in the first quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock worth $148,073,000 after purchasing an additional 2,331,802 shares during the period. 94.19% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 11,769 shares in the company, valued at $614,577.18. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.49% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Truist Financial lowered their price objective on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Loop Capital lowered their price target on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, September 5th. JPMorgan Chase & Co. reduced their price objective on Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a report on Tuesday, September 3rd. Barclays lowered their target price on Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, September 5th. Finally, Royal Bank of Canada dropped their price target on Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock 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 six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.30.

Core & Main Trading Up 1.1 %

Shares of NYSE:CNM opened at $43.17 on Thursday. The company has a market capitalization of $8.70 billion, a PE ratio of 20.17, 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, Inc. has a 12-month low of $27.75 and a 12-month high of $62.15. The business’s fifty day simple moving average is $48.30 and its 200-day simple moving average is $52.27.

Core & Main (NYSE:CNM) last posted its 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 company had revenue of $1.96 billion during 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%. Core & Main’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.66 EPS. As a group, equities research analysts predict that Core & Main, Inc. will post 2.1 earnings per share for the current fiscal year.

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

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.