Core & Main, Inc. $CNM Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp trimmed its holdings in Core & Main, Inc. (NYSE:CNM) by 3.0% during the third quarter, HoldingsChannel reports. The firm owned 766,041 shares of the company’s stock after selling 23,749 shares during the period. Mackenzie Financial Corp’s holdings in Core & Main were worth $41,236,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Cubist Systematic Strategies LLC grew its position in shares of Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after purchasing an additional 524 shares in the last quarter. AQR Capital Management LLC purchased a new position in Core & Main during the first quarter worth approximately $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Core & Main by 36.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,576 shares of the company’s stock worth $1,719,000 after buying an additional 9,534 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Core & Main by 23.1% during the first quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company’s stock worth $14,106,000 after buying an additional 54,854 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in Core & Main by 3.6% during the second quarter. ProShare Advisors LLC now owns 8,398 shares of the company’s stock worth $507,000 after buying an additional 295 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Stock Performance

Shares of CNM stock opened at $47.61 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26. The firm has a market cap of $9.31 billion, a P/E ratio of 20.97, a P/E/G ratio of 1.81 and a beta of 0.98. The firm’s 50 day moving average price is $55.39 and its 200-day moving average price is $53.71. Core & Main, Inc. has a one year low of $43.17 and a one year high of $67.18.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, December 9th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.17. The firm had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.06 billion. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.69 EPS. As a group, equities research analysts predict that Core & Main, Inc. will post 2.16 EPS for the current year.

Core & Main announced that its Board of Directors has authorized a share buyback plan on Tuesday, December 9th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

CNM has been the subject of a number of recent research reports. Citigroup raised their target price on Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, January 8th. Royal Bank Of Canada reissued an “outperform” rating and set a $63.00 price target on shares of Core & Main in a research report on Friday, January 9th. Zacks Research lowered shares of Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Barclays cut their price objective on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Monday, December 1st. Finally, Wells Fargo & Company boosted their target price on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Core & Main presently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

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.