Select Equity Group L.P. Has $754.99 Million Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Select Equity Group L.P. increased its stake in shares of Core & Main, Inc. (NYSE:CNM) by 0.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,426,777 shares of the company’s stock after acquiring an additional 39,475 shares during the quarter. Core & Main makes up about 3.0% of Select Equity Group L.P.’s portfolio, making the stock its 10th largest position. Select Equity Group L.P. owned approximately 7.66% of Core & Main worth $754,986,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of CNM. Forest Avenue Capital Management LP bought a new position in shares of Core & Main during the 4th quarter worth about $13,085,000. American International Group Inc. boosted its holdings in Core & Main by 20,185.1% in 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 Core & Main in the first quarter valued at approximately $29,731,000. Lord Abbett & CO. LLC increased its holdings in shares of Core & Main by 60.6% during the first quarter. Lord Abbett & CO. LLC now owns 836,211 shares of the company’s stock valued at $47,873,000 after acquiring an additional 315,411 shares in the last quarter. Finally, Mutual of America Capital Management LLC raised its position in shares of Core & Main by 32.6% during the first quarter. Mutual of America Capital Management LLC now owns 101,636 shares of the company’s stock worth $5,819,000 after purchasing an additional 24,976 shares during the period. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Trading Up 2.3 %

NYSE:CNM opened at $45.27 on Friday. Core & Main, Inc. has a 52 week low of $27.98 and a 52 week high of $62.15. The firm has a 50-day moving average price of $47.41 and a two-hundred day moving average price of $52.04. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.34 and a current ratio of 2.29. The firm has a market cap of $9.11 billion, a price-to-earnings ratio of 21.15, a price-to-earnings-growth ratio of 2.87 and a beta of 1.04.

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

Core & Main declared that its board has authorized a share buyback plan on Wednesday, June 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 6.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Core & Main

In related news, Director James G. Castellano sold 12,500 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $52.22, for a total transaction of $652,750.00. Following the completion of the transaction, the director now owns 11,769 shares in the company, valued at $614,577.18. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 3.49% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Loop Capital reduced 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 report on Thursday, September 5th. Barclays reduced their price objective on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, September 5th. Bank of America lowered their target price 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. 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 research note on Thursday, September 5th. Finally, Royal Bank of Canada decreased their price objective on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.55.

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.