Lmcg Investments LLC Raises Stock Position in Core & Main, Inc. (NYSE:CNM)

Lmcg Investments LLC lifted its position in shares of Core & Main, Inc. (NYSE:CNM) by 1.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,039 shares of the company’s stock after acquiring an additional 1,608 shares during the quarter. Lmcg Investments LLC owned 0.05% of Core & Main worth $5,385,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CNM. Norges Bank purchased a new stake in Core & Main during the fourth quarter worth $69,282,000. Forest Avenue Capital Management LP purchased a new position in Core & Main during the 4th quarter valued at about $13,085,000. Chesapeake Capital Corp IL acquired a new position in Core & Main during the fourth quarter worth about $962,000. American International Group Inc. raised its position in Core & Main by 20,185.1% during the fourth quarter. American International Group Inc. now owns 184,594 shares of the company’s stock worth $7,459,000 after acquiring an additional 183,684 shares during the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in shares of Core & Main in the first quarter valued at about $29,731,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

Wall Street Analysts Forecast Growth

CNM has been the subject of a number of recent research reports. Royal Bank of Canada dropped their price objective on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Truist Financial cut their price target on Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, September 5th. Robert W. Baird reduced their price objective on Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. JPMorgan Chase & Co. dropped their price objective 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. Finally, The Goldman Sachs Group decreased 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 note on Friday, September 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $49.30.

Core & Main Trading Up 1.1 %

NYSE CNM opened at $41.28 on Tuesday. The company has a market cap of $8.32 billion, a P/E ratio of 19.29, a P/E/G ratio of 2.52 and a beta of 1.04. Core & Main, Inc. has a 12 month low of $27.75 and a 12 month 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 company has a 50-day moving average of $48.55 and a 200-day moving average of $52.38.

Core & Main (NYSE:CNM) last issued its quarterly 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). The company 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 business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period last year, the company posted $0.66 EPS. As a group, equities analysts predict that Core & Main, Inc. will post 2.1 earnings per share for the current year.

Core & Main declared that its board has approved a stock buyback plan on Wednesday, June 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $52.22, for a total transaction of $652,750.00. Following the completion of the sale, the director now owns 11,769 shares of the company’s stock, valued at $614,577.18. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 3.49% of the company’s stock.

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.