Hudson Bay Capital Management LP Invests $14.44 Million in Core & Main, Inc. $CNM

Hudson Bay Capital Management LP purchased a new position in Core & Main, Inc. (NYSE:CNM) during the third quarter, HoldingsChannel reports. The firm purchased 268,267 shares of the company’s stock, valued at approximately $14,441,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC raised its holdings in Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after buying an additional 269 shares during the last quarter. Cubist Systematic Strategies LLC grew its holdings in shares of Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after buying an additional 524 shares during the last quarter. Rothschild Investment LLC increased its position in shares of Core & Main by 5,013.3% during the third quarter. Rothschild Investment LLC now owns 767 shares of the company’s stock valued at $41,000 after acquiring an additional 752 shares in the last quarter. Wilmington Savings Fund Society FSB increased its position in shares of Core & Main by 47.8% during the third quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock valued at $52,000 after acquiring an additional 311 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in Core & Main by 108.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,026 shares of the company’s stock worth $55,000 after acquiring an additional 534 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CNM shares. Citigroup upped their price objective on Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Barclays reduced their target price on Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 1st. JPMorgan Chase & Co. upped their price target 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 increased their price objective on Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Finally, Wells Fargo & Company lifted their price objective on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $62.00.

Core & Main Trading Down 0.5%

Shares of CNM stock opened at $47.46 on Friday. Core & Main, Inc. has a 12-month low of $43.17 and a 12-month high of $67.18. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. The firm’s 50 day moving average is $54.72 and its 200 day moving average is $53.11. The stock has a market capitalization of $9.28 billion, a P/E ratio of 20.91, a P/E/G ratio of 1.88 and a beta of 0.98.

Core & Main declared that its board has initiated a share buyback program on Tuesday, December 9th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors 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.