Core & Main, Inc. (NYSE:CNM) Shares Bought by Forest Avenue Capital Management LP

Forest Avenue Capital Management LP lifted its stake in shares of Core & Main, Inc. (NYSE:CNM) by 18.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,122,251 shares of the company’s stock after purchasing an additional 174,082 shares during the quarter. Core & Main comprises about 6.0% of Forest Avenue Capital Management LP’s investment portfolio, making the stock its 4th largest position. Forest Avenue Capital Management LP owned approximately 0.56% of Core & Main worth $49,828,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Thematics Asset Management increased its stake in Core & Main by 15.5% in the 3rd quarter. Thematics Asset Management now owns 484,000 shares of the company’s stock valued at $21,490,000 after purchasing an additional 65,000 shares in the last quarter. Advantage Alpha Capital Partners LP purchased a new position in shares of Core & Main in the third quarter valued at $4,134,000. FMR LLC raised its stake in shares of Core & Main by 28.0% during the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock worth $386,151,000 after buying an additional 1,903,280 shares during the last quarter. CDAM UK Ltd boosted its position in shares of Core & Main by 84.9% in the 3rd quarter. CDAM UK Ltd now owns 1,276,796 shares of the company’s stock worth $56,690,000 after buying an additional 586,081 shares in the last quarter. Finally, Douglass Winthrop Advisors LLC grew its stake in Core & Main by 23.3% in the 3rd quarter. Douglass Winthrop Advisors LLC now owns 70,272 shares of the company’s stock valued at $3,120,000 after acquiring an additional 13,263 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on CNM shares. Wells Fargo & Company initiated coverage on shares of Core & Main in a report on Monday, September 23rd. They issued an “overweight” rating and a $52.00 price target on the stock. Royal Bank of Canada reduced their target price on Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Bank of America cut their price target on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. Loop Capital decreased their price objective on Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. Finally, Barclays dropped their price objective on Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.20.

Core & Main Trading Down 0.9 %

Shares of CNM stock opened at $47.12 on Wednesday. The firm’s 50-day simple moving average is $44.40 and its 200-day simple moving average is $48.54. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. Core & Main, Inc. has a 1-year low of $34.02 and a 1-year high of $62.15. The firm has a market cap of $9.48 billion, a P/E ratio of 22.55, a PEG ratio of 3.09 and a beta of 1.02.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). The company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.05 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.66 EPS. As a group, equities analysts forecast that Core & Main, Inc. will post 2.1 EPS for the current year.

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.