Granite Investment Partners LLC Decreases Stock Holdings in Core & Main, Inc. $CNM

Granite Investment Partners LLC reduced its position in shares of Core & Main, Inc. (NYSE:CNM) by 50.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,935 shares of the company’s stock after selling 31,538 shares during the quarter. Granite Investment Partners LLC’s holdings in Core & Main were worth $1,665,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in CNM. Thrivent Financial for Lutherans raised its stake in shares of Core & Main by 42.4% during the second quarter. Thrivent Financial for Lutherans now owns 208,499 shares of the company’s stock valued at $12,583,000 after acquiring an additional 62,096 shares during the last quarter. Wolverine Asset Management LLC purchased a new position in Core & Main during the 3rd quarter valued at about $1,130,000. Jennison Associates LLC increased its holdings in Core & Main by 41.7% during the 3rd quarter. Jennison Associates LLC now owns 2,087,166 shares of the company’s stock valued at $112,352,000 after purchasing an additional 614,595 shares during the period. Pembroke Management LTD raised its position in Core & Main by 26.6% during the 3rd quarter. Pembroke Management LTD now owns 909,216 shares of the company’s stock valued at $48,943,000 after purchasing an additional 190,879 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Core & Main by 17.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 187,788 shares of the company’s stock valued at $11,333,000 after purchasing an additional 27,892 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Analysts Set New Price Targets

CNM has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their target price on Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Zacks Research lowered Core & Main from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 9th. Robert W. Baird raised their target price on Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Deutsche Bank Aktiengesellschaft upped their price target on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Finally, Citigroup increased their price objective on Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, January 8th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Core & Main presently has an average rating of “Moderate Buy” and an average price target of $62.00.

Core & Main Stock Down 3.2%

CNM stock opened at $54.60 on Tuesday. The business has a 50 day moving average of $55.72 and a 200 day moving average of $54.68. The firm has a market cap of $10.67 billion, a PE ratio of 24.05, a price-to-earnings-growth ratio of 2.08 and a beta of 0.98. Core & Main, Inc. has a twelve month low of $43.17 and a twelve month high of $67.18. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04.

Core & Main (NYSE:CNM) last released its earnings results on Tuesday, December 9th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.17. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same period in the prior year, the firm posted $0.69 earnings per share. The company’s quarterly revenue was up 1.2% on a year-over-year basis. On average, research analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main declared that its Board of Directors has initiated a stock repurchase program on Tuesday, December 9th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Core & Main Company Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.