Bridgewater Associates LP Decreases Holdings in Core & Main, Inc. (NYSE:CNM)

Bridgewater Associates LP lessened its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 75.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,408 shares of the company's stock after selling 109,469 shares during the quarter. Bridgewater Associates LP's holdings in Core & Main were worth $1,617,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. FMR LLC lifted its stake in Core & Main by 28.0% in the third quarter. FMR LLC now owns 8,697,084 shares of the company's stock valued at $386,151,000 after purchasing an additional 1,903,280 shares during the last quarter. Impax Asset Management Group plc lifted its position in shares of Core & Main by 373.0% during the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company's stock valued at $89,416,000 after buying an additional 1,588,117 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Core & Main by 37.1% during the 2nd quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company's stock valued at $205,974,000 after buying an additional 1,137,817 shares during the last quarter. Anomaly Capital Management LP grew its stake in shares of Core & Main by 35.9% during the 2nd quarter. Anomaly Capital Management LP now owns 3,608,523 shares of the company's stock worth $176,601,000 after acquiring an additional 953,489 shares during the period. Finally, Fernbridge Capital Management LP purchased a new stake in Core & Main in the 2nd quarter worth about $40,447,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Price Performance

Shares of NYSE:CNM traded down $0.26 on Monday, hitting $48.29. The company's stock had a trading volume of 4,507,172 shares, compared to its average volume of 2,567,295. Core & Main, Inc. has a 1 year low of $35.03 and a 1 year high of $62.15. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. The company has a market capitalization of $9.71 billion, a PE ratio of 22.99, a PEG ratio of 3.16 and a beta of 1.02. The company has a 50-day simple moving average of $44.72 and a 200 day simple moving average of $48.18.

Core & Main (NYSE:CNM - Get Free Report) last announced its earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.13). The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.05 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The company's revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share. Sell-side analysts forecast that Core & Main, Inc. will post 2.1 EPS for the current fiscal year.

Analyst Ratings Changes

CNM has been the subject of a number of research reports. Barclays cut their target price on shares of Core & Main from $65.00 to $57.00 and set an "overweight" rating for the company in a research report on Thursday, September 5th. Truist Financial reduced their price objective on shares of Core & Main from $50.00 to $38.00 and set a "hold" rating for the company in a research note on Thursday, September 5th. Wells Fargo & Company assumed coverage on shares of Core & Main in a report on Monday, September 23rd. They set an "overweight" rating and a $52.00 target price on the stock. The Goldman Sachs Group cut their price target on Core & Main from $57.00 to $50.00 and set a "neutral" rating for the company in a report on Friday, September 6th. Finally, Robert W. Baird boosted their price objective on Core & Main from $53.00 to $60.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $51.20.

About Core & Main

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 portfolio 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, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.