Duff & Phelps Investment Management Co. Trims Position in Core & Main, Inc. $CNM

Duff & Phelps Investment Management Co. trimmed its stake in Core & Main, Inc. (NYSE:CNM) by 12.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 336,909 shares of the company’s stock after selling 46,941 shares during the period. Duff & Phelps Investment Management Co. owned about 0.17% of Core & Main worth $18,136,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. Cubist Systematic Strategies LLC increased its holdings in Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after purchasing an additional 524 shares during the period. AQR Capital Management LLC purchased a new stake in shares of Core & Main in the 1st quarter worth $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Core & Main by 36.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,576 shares of the company’s stock worth $1,719,000 after buying an additional 9,534 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Core & Main by 23.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company’s stock worth $14,106,000 after buying an additional 54,854 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in shares of Core & Main during the second quarter valued at $480,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CNM has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their price objective on Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th. 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 report on Thursday, December 11th. Robert W. Baird boosted their price target on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, December 10th. Barclays lowered their price target on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Monday, December 1st. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $63.00 price objective on shares of Core & Main in a research note on Friday, January 9th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and an average price target of $62.00.

Core & Main Stock Down 0.5%

Shares of Core & Main stock opened at $49.12 on Thursday. The firm’s 50 day moving average price is $55.48 and its 200-day moving average price is $53.75. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04. Core & Main, Inc. has a 52-week low of $43.17 and a 52-week high of $67.18. The company has a market cap of $9.60 billion, a P/E ratio of 21.64, a PEG ratio of 1.82 and a beta of 0.98.

Core & Main (NYSE:CNM) last posted its 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 net margin of 5.60% and a return on equity of 24.63%. Core & Main’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.69 earnings per share. On average, sell-side analysts predict that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main declared that its Board of Directors has authorized a stock buyback program on Tuesday, December 9th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.