10,436 Shares in Core & Main, Inc. $CNM Purchased by New York Life Investment Management LLC

New York Life Investment Management LLC acquired a new stake in Core & Main, Inc. (NYSE:CNM) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 10,436 shares of the company’s stock, valued at approximately $562,000.

Other hedge funds have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in shares of Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after purchasing an additional 269 shares during the last quarter. Cubist Systematic Strategies LLC lifted its stake in Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after buying an additional 524 shares in the last quarter. Hantz Financial Services Inc. grew its holdings in Core & Main by 815.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 641 shares of the company’s stock valued at $39,000 after buying an additional 571 shares during the last quarter. Wilmington Savings Fund Society FSB increased its position in Core & Main by 47.8% during the third quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock worth $52,000 after buying an additional 311 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in Core & Main by 108.5% during the third quarter. Farther Finance Advisors LLC now owns 1,026 shares of the company’s stock worth $55,000 after buying an additional 534 shares in the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CNM has been the topic of a number of analyst reports. Wells Fargo & Company increased their price objective on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Zacks Research downgraded shares of Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Barclays reduced their price objective on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Monday, December 1st. Finally, JPMorgan Chase & Co. lifted their target price on shares of Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 10th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $62.00.

Core & Main Price Performance

CNM opened at $58.19 on Friday. Core & Main, Inc. has a 1 year low of $43.17 and a 1 year high of $67.18. The company’s 50 day simple moving average is $55.43 and its 200 day simple moving average is $55.04. The stock has a market capitalization of $11.38 billion, a PE ratio of 25.63, a P/E/G ratio of 2.14 and a beta of 0.98. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Tuesday, December 9th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.17. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. Core & Main’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.69 earnings per share. As a group, sell-side analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

Core & Main declared that its board has approved a stock buyback plan on Tuesday, December 9th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Core & Main Company Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.