23,477 Shares in Core & Main, Inc. $CNM Bought by Okabena Investment Services Inc.

Okabena Investment Services Inc. acquired a new stake in shares of Core & Main, Inc. (NYSE:CNM) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 23,477 shares of the company’s stock, valued at approximately $1,264,000.

Other hedge funds also recently made changes to their positions in the company. Wolverine Asset Management LLC bought a new position in Core & Main during the third quarter valued at $1,130,000. Thrivent Financial for Lutherans increased its holdings in shares of Core & Main by 42.4% in the 2nd quarter. Thrivent Financial for Lutherans now owns 208,499 shares of the company’s stock worth $12,583,000 after buying an additional 62,096 shares during the last quarter. Jennison Associates LLC raised its position in shares of Core & Main by 41.7% during the 3rd quarter. Jennison Associates LLC now owns 2,087,166 shares of the company’s stock valued at $112,352,000 after buying an additional 614,595 shares in the last quarter. Pembroke Management LTD lifted its holdings in shares of Core & Main by 26.6% in the 3rd quarter. Pembroke Management LTD now owns 909,216 shares of the company’s stock valued at $48,943,000 after acquiring an additional 190,879 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Core & Main by 17.4% in the second quarter. Envestnet Asset Management Inc. now owns 187,788 shares of the company’s stock worth $11,333,000 after acquiring an additional 27,892 shares in the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Stock Down 1.9%

Shares of CNM stock opened at $54.10 on Friday. Core & Main, Inc. has a 1-year low of $43.17 and a 1-year high of $67.18. The stock’s fifty day moving average price is $55.79 and its 200 day moving average price is $54.48. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35. The company has a market cap of $10.58 billion, a price-to-earnings ratio of 23.83, a price-to-earnings-growth ratio of 2.00 and a beta of 0.98.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Tuesday, December 9th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.17. The company had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The firm’s revenue was up 1.2% compared to the same quarter last year. During the same period last year, the business posted $0.69 earnings per share. On average, research analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CNM shares. Citigroup raised their price target on Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, January 8th. Wells Fargo & Company lifted their target price on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Zacks Research downgraded Core & Main from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 9th. Deutsche Bank Aktiengesellschaft increased their price objective 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. Finally, Robert W. Baird upped their price objective on Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $62.00.

About Core & Main

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.