Raymond James & Associates Grows Position in Core & Main, Inc. (NYSE:CNM)

Raymond James & Associates lifted its holdings in shares of Core & Main, Inc. (NYSE:CNM – Get Rating) by 10.3% in the third quarter, HoldingsChannel.com reports. The firm owned 622,340 shares of the company’s stock after acquiring an additional 58,329 shares during the quarter. Raymond James & Associates’ holdings in Core & Main were worth $14,152,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Select Equity Group L.P. grew its holdings in shares of Core & Main by 35.0% during the 1st quarter. Select Equity Group L.P. now owns 11,639,083 shares of the company’s stock worth $281,549,000 after purchasing an additional 3,018,351 shares during the period. Vanguard Group Inc. grew its holdings in shares of Core & Main by 58.6% during the 1st quarter. Vanguard Group Inc. now owns 4,472,479 shares of the company’s stock worth $108,189,000 after purchasing an additional 1,652,035 shares during the period. Robeco Schweiz AG boosted its holdings in Core & Main by 15.5% during the 2nd quarter. Robeco Schweiz AG now owns 2,480,878 shares of the company’s stock valued at $55,324,000 after acquiring an additional 333,278 shares during the period. BlackRock Inc. boosted its holdings in Core & Main by 55.9% during the 1st quarter. BlackRock Inc. now owns 2,148,449 shares of the company’s stock valued at $51,972,000 after acquiring an additional 770,677 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Core & Main by 35.5% during the 2nd quarter. Principal Financial Group Inc. now owns 1,985,762 shares of the company’s stock valued at $44,283,000 after acquiring an additional 520,306 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Price Performance

CNM stock opened at $20.55 on Tuesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.49 and a quick ratio of 1.32. Core & Main, Inc. has a 1 year low of $18.75 and a 1 year high of $26.63. The firm has a market capitalization of $5.05 billion, a P/E ratio of 9.79, a P/E/G ratio of 0.51 and a beta of 0.75. The business’s 50-day moving average is $20.45 and its two-hundred day moving average is $22.22.

Core & Main (NYSE:CNM – Get Rating) last issued its earnings results on Tuesday, December 13th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.05. Core & Main had a return on equity of 22.01% and a net margin of 5.52%. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.78 billion. Analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Royal Bank of Canada raised their target price on Core & Main from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, December 14th. Credit Suisse Group lowered their target price on Core & Main from $32.00 to $31.00 and set an “outperform” rating for the company in a report on Thursday, December 15th. The Goldman Sachs Group lowered their target price on Core & Main from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, December 15th. Citigroup lowered their target price on Core & Main from $26.00 to $22.00 and set a “neutral” rating for the company in a report on Friday, December 16th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Core & Main from $40.00 to $37.00 and set a “buy” rating on the stock in a research report on Thursday, October 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $27.89.

Core & Main Profile

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Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, and other related products; fire protection products, including fire protection pipes, sprinkler heads and other devices, fire suppression systems, and related accessories, as well as fabrication services; and meter products, such as smart meter products, installation, software and other services.