Fmr LLC Raises Stake in Core & Main, Inc. (NYSE:CNM)

FMR LLC increased its position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 28.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,697,084 shares of the company's stock after buying an additional 1,903,280 shares during the quarter. FMR LLC owned about 4.32% of Core & Main worth $386,151,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in Core & Main during the third quarter worth about $26,000. ORG Wealth Partners LLC bought a new stake in shares of Core & Main in the third quarter valued at approximately $31,000. GAMMA Investing LLC lifted its position in shares of Core & Main by 61.1% during the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company's stock worth $60,000 after acquiring an additional 511 shares in the last quarter. Brown Brothers Harriman & Co. bought a new position in Core & Main in the 2nd quarter worth about $76,000. Finally, CWM LLC grew its stake in Core & Main by 25.6% during the second quarter. CWM LLC now owns 1,638 shares of the company's stock valued at $80,000 after acquiring an additional 334 shares in the last quarter. Institutional investors own 94.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CNM. Robert W. Baird upped their target price on Core & Main from $53.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. The Goldman Sachs Group reduced their price target on shares of Core & Main from $57.00 to $50.00 and set a "neutral" rating on the stock in a research report on Friday, September 6th. JPMorgan Chase & Co. decreased their price target on shares of Core & Main from $54.00 to $52.00 and set an "overweight" rating on the stock in a research note on Tuesday, September 3rd. Wells Fargo & Company began 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. Finally, Truist Financial decreased their target price on shares of Core & Main from $50.00 to $38.00 and set a "hold" rating on the stock in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $51.20.

Core & Main Trading Up 3.1 %

Shares of Core & Main stock traded up $1.44 during midday trading on Friday, reaching $48.55. 1,956,664 shares of the company's stock traded hands, compared to its average volume of 2,612,448. The stock has a 50 day moving average of $44.72 and a 200-day moving average of $48.27. Core & Main, Inc. has a 12 month low of $34.32 and a 12 month high of $62.15. The company has a market cap of $9.76 billion, a PE ratio of 23.23, a price-to-earnings-growth ratio of 3.16 and a beta of 1.02. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.34 and a current ratio of 2.29.

Core & Main (NYSE:CNM - Get Free Report) last posted its earnings results on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.13). Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The company had revenue of $1.96 billion during the quarter, compared to analysts' expectations of $2.05 billion. During the same period in the prior year, the business posted $0.66 earnings per share. The company's revenue for the quarter was up 5.5% on a year-over-year basis. As a group, equities analysts expect that Core & Main, Inc. will post 2.1 EPS for the current fiscal year.

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.