Core & Main, Inc. (NYSE:CNM) Stock Position Boosted by Forest Avenue Capital Management LP

Forest Avenue Capital Management LP raised its position in shares of Core & Main, Inc. (NYSE:CNM) by 52.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 948,169 shares of the company’s stock after buying an additional 325,269 shares during the quarter. Core & Main comprises about 6.4% of Forest Avenue Capital Management LP’s investment portfolio, making the stock its 3rd largest holding. Forest Avenue Capital Management LP’s holdings in Core & Main were worth $46,403,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CNM. Rise Advisors LLC acquired a new position in Core & Main during the 1st quarter valued at about $27,000. Quadrant Capital Group LLC boosted its stake in Core & Main by 74.5% in the 4th quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock worth $35,000 after purchasing an additional 365 shares in the last quarter. ORG Partners LLC purchased a new stake in Core & Main during the 1st quarter worth approximately $38,000. Principal Securities Inc. acquired a new position in Core & Main during the 4th quarter valued at approximately $43,000. Finally, Brown Brothers Harriman & Co. purchased a new position in shares of Core & Main in the second quarter worth $76,000. 94.19% of the stock is currently owned by institutional investors.

Core & Main Price Performance

NYSE:CNM opened at $43.44 on Friday. The stock has a market capitalization of $8.75 billion, a PE ratio of 20.30, a price-to-earnings-growth ratio of 2.52 and a beta of 1.04. The stock’s 50-day moving average price is $48.18 and its 200-day moving average price is $52.22. 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, Inc. has a 52 week low of $27.75 and a 52 week high of $62.15.

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

Core & Main announced that its Board of Directors has approved a share buyback plan on Wednesday, June 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CNM shares. Robert W. Baird cut their target price on Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Barclays cut their price objective on 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 decreased their target price on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, September 5th. Bank of America cut 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. Finally, Royal Bank of Canada cut their price objective on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. One 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $49.30.

Insiders Place Their Bets

In related news, Director James G. Castellano sold 12,500 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $614,577.18. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.49% of the stock is owned by company insiders.

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.