Wedge Capital Management L L P NC Lowers Stock Holdings in Core & Main, Inc. $CNM

Wedge Capital Management L L P NC cut its position in Core & Main, Inc. (NYSE:CNM) by 6.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 212,174 shares of the company’s stock after selling 13,874 shares during the quarter. Wedge Capital Management L L P NC owned 0.11% of Core & Main worth $11,027,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its holdings in Core & Main by 145.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after acquiring an additional 269 shares during the period. Cubist Systematic Strategies LLC lifted its position in shares of Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after purchasing an additional 524 shares in the last quarter. Rothschild Investment LLC lifted its position in shares of Core & Main by 5,013.3% during the third quarter. Rothschild Investment LLC now owns 767 shares of the company’s stock worth $41,000 after purchasing an additional 752 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its stake in shares of Core & Main by 47.8% in the third quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock valued at $52,000 after purchasing an additional 311 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake in shares of Core & Main by 108.5% in the third quarter. Farther Finance Advisors LLC now owns 1,026 shares of the company’s stock valued at $55,000 after purchasing an additional 534 shares during the period. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Trading Down 3.0%

CNM opened at $48.11 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.35 and a current ratio of 2.63. Core & Main, Inc. has a one year low of $43.17 and a one year high of $67.18. The company has a market cap of $9.41 billion, a P/E ratio of 20.83, a PEG ratio of 1.72 and a beta of 0.98. The business’s 50-day simple moving average is $53.77 and its 200-day simple moving average is $52.45.

Core & Main declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 9th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CNM shares. Citigroup upped their target price on shares of Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, January 8th. Barclays decreased their price target on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Wednesday. Robert W. Baird upped their price objective on Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 10th. JPMorgan Chase & Co. increased their price objective on Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Finally, Zacks Research lowered Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $61.64.

About Core & Main

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.