Bridgewater Associates LP Cuts Stake in Core & Main, Inc. (NYSE:CNM)

Bridgewater Associates LP lowered its position in shares of Core & Main, Inc. (NYSE:CNM) by 75.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,408 shares of the company’s stock after selling 109,469 shares during the period. Bridgewater Associates LP’s holdings in Core & Main were worth $1,617,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new position in shares of Core & Main during the third quarter valued at $26,000. ORG Wealth Partners LLC purchased a new position in Core & Main in the third quarter valued at about $31,000. GAMMA Investing LLC grew its stake in Core & Main by 61.1% in the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock valued at $60,000 after purchasing an additional 511 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new position in Core & Main in the second quarter valued at about $76,000. Finally, CWM LLC grew its stake in Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after purchasing an additional 334 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Loop Capital cut their target price on Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. Barclays cut their target price on Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, September 5th. Truist Financial lowered 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. Bank of America lowered their price target on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. lowered their price target on Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.20.

Core & Main Trading Up 3.1 %

Core & Main stock opened at $48.55 on Monday. 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 $34.32 and a 52 week high of $62.15. The company has a market capitalization of $9.76 billion, a price-to-earnings ratio of 23.23, a price-to-earnings-growth ratio of 3.16 and a beta of 1.02. The stock has a 50-day moving average price of $44.72 and a 200 day moving average price of $48.27.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share (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 company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same period in the previous year, the firm posted $0.66 earnings per share. The company’s revenue was up 5.5% compared to the same quarter last year. Sell-side analysts anticipate that Core & Main, Inc. will post 2.1 EPS for the current year.

About Core & Main

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.