Raiffeisen Bank International AG Has $26.66 Million Position in Core & Main, Inc. $CNM

Raiffeisen Bank International AG boosted its position in shares of Core & Main, Inc. (NYSE:CNM) by 3.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 497,051 shares of the company’s stock after buying an additional 18,000 shares during the quarter. Raiffeisen Bank International AG owned approximately 0.25% of Core & Main worth $26,657,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Core & Main during the second quarter worth $116,333,000. Bornite Capital Management LP bought a new position in Core & Main in the third quarter valued at about $53,830,000. AMF Tjanstepension AB acquired a new stake in Core & Main in the third quarter worth about $41,558,000. Fernbridge Capital Management LP raised its holdings in Core & Main by 180.4% during the 2nd quarter. Fernbridge Capital Management LP now owns 1,071,238 shares of the company’s stock worth $64,649,000 after purchasing an additional 689,228 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in Core & Main by 41.7% during the 3rd quarter. Jennison Associates LLC now owns 2,087,166 shares of the company’s stock worth $112,352,000 after purchasing an additional 614,595 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

Core & Main Trading Down 0.6%

Shares of NYSE:CNM opened at $56.30 on Friday. The stock has a market capitalization of $11.01 billion, a PE ratio of 24.80, a price-to-earnings-growth ratio of 2.09 and a beta of 0.98. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35. Core & Main, Inc. has a one year low of $43.17 and a one year high of $67.18. The company’s 50-day moving average price is $55.74 and its two-hundred day moving average price is $54.87.

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, beating analysts’ consensus estimates of $0.72 by $0.17. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The business had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter in the prior year, the business earned $0.69 EPS. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, equities analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main announced that its Board of Directors has initiated a share buyback program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Core & Main 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.