VELA Investment Management LLC Acquires 21,247 Shares of Core & Main, Inc. (NYSE:CNM)

VELA Investment Management LLC grew its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 79.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,881 shares of the company's stock after purchasing an additional 21,247 shares during the period. VELA Investment Management LLC's holdings in Core & Main were worth $2,126,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Core & Main by 35.2% in the first quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company's stock valued at $1,038,457,000 after acquiring an additional 4,721,510 shares during the period. Capital International Investors boosted its stake in Core & Main by 470.6% in the 1st quarter. Capital International Investors now owns 5,093,278 shares of the company's stock valued at $291,590,000 after purchasing an additional 4,200,591 shares during the period. Bessemer Group Inc. lifted its position in shares of Core & Main by 915.9% during the 1st quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company's stock valued at $148,073,000 after acquiring an additional 2,331,802 shares during the period. Swedbank AB acquired a new position in shares of Core & Main during the 1st quarter worth $98,876,000. Finally, Pacer Advisors Inc. increased its stake in shares of Core & Main by 37.1% in the second 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 period. Institutional investors and hedge funds own 94.19% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CNM shares. Truist Financial cut their price target on Core & Main from $50.00 to $38.00 and set a "hold" rating on the stock in a report on Thursday, September 5th. JPMorgan Chase & Co. cut their price target on Core & Main from $54.00 to $52.00 and set an "overweight" rating for the company in a report on Tuesday, September 3rd. The Goldman Sachs Group dropped their price target on Core & Main from $57.00 to $50.00 and set a "neutral" rating for the company in a research note on Friday, September 6th. Wells Fargo & Company started coverage on Core & Main in a report on Monday, September 23rd. They issued an "overweight" rating and a $52.00 price objective on the stock. Finally, Bank of America cut their price target on shares of Core & Main from $38.00 to $34.00 and set an "underperform" rating on the stock in a report on Thursday, September 5th. One 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 stock currently has an average rating of "Moderate Buy" and an average target price of $51.20.

Core & Main Price Performance

Shares of NYSE CNM traded down $1.03 during trading on Friday, hitting $43.25. 2,413,200 shares of the company were exchanged, compared to its average volume of 2,543,933. Core & Main, Inc. has a 1 year low of $29.60 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 firm's fifty day moving average price is $44.20 and its 200 day moving average price is $50.03. The company has a market cap of $8.70 billion, a price-to-earnings ratio of 20.69, a PEG ratio of 2.96 and a beta of 1.02.

Core & Main (NYSE:CNM - Get Free Report) last posted 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). The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $2.05 billion. Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The firm's revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the company posted $0.66 EPS. On average, sell-side analysts expect that Core & Main, Inc. will post 2.1 earnings per share for the current fiscal year.

Core & Main 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.