Dimensional Fund Advisors LP Acquires 238,469 Shares of Core & Main, Inc. (NYSE:CNM)

Dimensional Fund Advisors LP grew its stake in Core & Main, Inc. (NYSE:CNM) by 15.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,818,679 shares of the company’s stock after purchasing an additional 238,469 shares during the period. Dimensional Fund Advisors LP owned approximately 0.90% of Core & Main worth $89,007,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its position 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 period. Capital International Investors increased its position 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 purchasing an additional 4,200,591 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Core & Main by 915.9% during the 1st quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock valued at $148,073,000 after purchasing an additional 2,331,802 shares during the last quarter. Swedbank AB acquired a new position in Core & Main in the first quarter valued at about $98,876,000. Finally, Artemis Investment Management LLP grew its stake in Core & Main by 148.0% during the first quarter. Artemis Investment Management LLP now owns 2,650,209 shares of the company’s stock worth $151,655,000 after buying an additional 1,581,389 shares during the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Core & Main

In other news, Director James G. Castellano sold 12,500 shares of the company’s stock in a transaction that occurred 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 owns 11,769 shares of the company’s stock, valued at $614,577.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 3.49% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Royal Bank of Canada reduced their target price on Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. The Goldman Sachs Group decreased their target price on Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Robert W. Baird cut their price target on Core & Main from $62.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Truist Financial decreased their price objective on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Finally, Barclays lowered 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. One research 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.55.

Core & Main Stock Performance

Shares of CNM stock opened at $44.25 on Thursday. The company has a fifty day moving average price of $47.54 and a two-hundred day moving average price of $52.09. Core & Main, Inc. has a one year low of $27.98 and a one year high of $62.15. The stock has a market cap of $8.90 billion, a P/E ratio of 20.68, a P/E/G ratio of 2.87 and a beta of 1.04. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share 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 during the quarter, compared to the consensus estimate of $2.05 billion. During the same period in the prior year, the company earned $0.66 earnings per share. The firm’s revenue was up 5.5% compared to the same quarter last year. As a group, equities analysts predict that Core & Main, Inc. will post 2.1 EPS for the current year.

Core & Main declared that its Board of Directors has approved a stock buyback program on Wednesday, June 12th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management 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.