Fernbridge Capital Management LP Sells 134,957 Shares of Core & Main, Inc. (NYSE:CNM)

Fernbridge Capital Management LP reduced its position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 16.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 691,507 shares of the company's stock after selling 134,957 shares during the period. Core & Main comprises approximately 1.9% of Fernbridge Capital Management LP's portfolio, making the stock its 20th largest position. Fernbridge Capital Management LP owned approximately 0.34% of Core & Main worth $30,703,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of CNM. Ashton Thomas Securities LLC purchased a new position in Core & Main during the third quarter worth about $26,000. ORG Wealth Partners LLC purchased a new position in shares of Core & Main in the third quarter valued at $31,000. GAMMA Investing LLC raised its stake in shares of Core & Main by 61.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company's stock worth $60,000 after buying an additional 511 shares during the last quarter. Brown Brothers Harriman & Co. acquired a new stake in Core & Main in the 2nd quarter valued at about $76,000. Finally, CWM LLC grew its stake in Core & Main by 25.6% in the 2nd quarter. CWM LLC now owns 1,638 shares of the company's stock valued at $80,000 after acquiring an additional 334 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company's stock.

Core & Main Stock Down 0.2 %

NYSE:CNM traded down $0.08 during trading hours on Wednesday, reaching $47.02. The company's stock had a trading volume of 841,422 shares, compared to its average volume of 2,556,859. 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 cap of $9.46 billion, a price-to-earnings ratio of 22.67, a price-to-earnings-growth ratio of 3.09 and a beta of 1.02. Core & Main, Inc. has a one year low of $34.02 and a one year high of $62.15. The business's 50-day moving average is $44.40 and its 200-day moving average is $48.54.

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 analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $2.05 billion. During the same period in the previous year, the company earned $0.66 EPS. The firm's revenue for the quarter was up 5.5% compared to the same quarter last year. Equities research analysts predict that Core & Main, Inc. will post 2.1 EPS for the current year.

Analyst Ratings Changes

CNM has been the subject of several recent research reports. JPMorgan Chase & Co. dropped their price target on Core & Main from $54.00 to $52.00 and set an "overweight" rating for the company in a research report on Tuesday, September 3rd. Robert W. Baird upped their price objective on shares of Core & Main from $53.00 to $60.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Royal Bank of Canada cut their price objective on Core & Main from $60.00 to $53.00 and set an "outperform" rating on the stock in a report on Thursday, September 5th. Bank of America cut their price objective on Core & Main from $38.00 to $34.00 and set an "underperform" rating on the stock in a research report on Thursday, September 5th. Finally, The Goldman Sachs Group dropped their target price on Core & Main from $57.00 to $50.00 and set a "neutral" rating on the stock in a research report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Core & Main currently has an average rating of "Moderate Buy" and a consensus price target of $51.20.

Core & Main Company Profile

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.