ELCO Management Co. LLC Purchases 7,500 Shares of Core & Main, Inc. (NYSE:CNM)

ELCO Management Co. LLC increased its position in Core & Main, Inc. (NYSE:CNM) by 76.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,351 shares of the company’s stock after purchasing an additional 7,500 shares during the quarter. ELCO Management Co. LLC’s holdings in Core & Main were worth $849,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Forest Avenue Capital Management LP bought a new stake in shares of Core & Main in the 4th quarter valued at approximately $13,085,000. American International Group Inc. raised its stake in Core & Main by 20,185.1% during the fourth quarter. American International Group Inc. now owns 184,594 shares of the company’s stock worth $7,459,000 after acquiring an additional 183,684 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in shares of Core & Main in the 1st quarter valued at $29,731,000. Lord Abbett & CO. LLC increased its position in shares of Core & Main by 60.6% during the 1st quarter. Lord Abbett & CO. LLC now owns 836,211 shares of the company’s stock worth $47,873,000 after purchasing an additional 315,411 shares in the last quarter. Finally, Mutual of America Capital Management LLC lifted its holdings in Core & Main by 32.6% during the 1st quarter. Mutual of America Capital Management LLC now owns 101,636 shares of the company’s stock valued at $5,819,000 after purchasing an additional 24,976 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. The Goldman Sachs Group decreased their price objective on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. JPMorgan Chase & Co. decreased their price target on Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 3rd. Royal Bank of Canada cut their price objective on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research 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 on the stock in a report on Thursday, September 5th. Finally, Truist Financial cut their price target on Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and a consensus price target of $49.55.

Insider Activity

In related news, Director James G. Castellano sold 12,500 shares of the company’s stock in a transaction dated 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 sale, the director now owns 11,769 shares in the company, valued at $614,577.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.49% of the stock is currently owned by company insiders.

Core & Main Price Performance

Shares of CNM stock opened at $44.18 on Wednesday. The firm has a market cap of $8.89 billion, a price-to-earnings ratio of 20.64, a PEG ratio of 2.87 and a beta of 1.04. Core & Main, Inc. has a 12 month low of $27.98 and a 12 month high of $62.15. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. The stock has a 50-day moving average price of $47.68 and a 200 day moving average price of $52.15.

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

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