Vestcor Inc Purchases New Stake in Core & Main, Inc. $CNM

Vestcor Inc acquired a new position in shares of Core & Main, Inc. (NYSE:CNM) during the third quarter, HoldingsChannel.com reports. The firm acquired 17,081 shares of the company’s stock, valued at approximately $919,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans increased its holdings in shares of Core & Main by 42.4% during the 2nd quarter. Thrivent Financial for Lutherans now owns 208,499 shares of the company’s stock worth $12,583,000 after buying an additional 62,096 shares during the last quarter. Wolverine Asset Management LLC acquired a new position in Core & Main in the third quarter valued at approximately $1,130,000. Jennison Associates LLC grew its position in Core & Main by 41.7% in the third quarter. Jennison Associates LLC now owns 2,087,166 shares of the company’s stock worth $112,352,000 after acquiring an additional 614,595 shares during the period. Pembroke Management LTD grew its position in Core & Main by 26.6% in the third quarter. Pembroke Management LTD now owns 909,216 shares of the company’s stock worth $48,943,000 after acquiring an additional 190,879 shares during the period. Finally, SG Americas Securities LLC increased its stake in Core & Main by 286.4% during the third quarter. SG Americas Securities LLC now owns 122,806 shares of the company’s stock worth $6,611,000 after acquiring an additional 91,026 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Trading Down 0.1%

Shares of CNM stock traded down $0.04 on Friday, hitting $47.59. The stock had a trading volume of 316,018 shares, compared to its average volume of 1,995,094. The company’s 50 day moving average price is $55.39 and its 200-day moving average price is $53.71. Core & Main, Inc. has a 1 year low of $43.17 and a 1 year high of $67.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35. The firm has a market capitalization of $9.30 billion, a P/E ratio of 20.97, a P/E/G ratio of 1.81 and a beta of 0.98.

Core & Main (NYSE:CNM) last released 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 company had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.06 billion. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.Core & Main’s revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.69 EPS. Analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Core & Main announced that its board has initiated a share buyback program on Tuesday, December 9th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Robert W. Baird upped their price target on Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. JPMorgan Chase & Co. boosted their price objective on shares of Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th. Zacks Research cut shares of Core & Main from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 9th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Finally, Wells Fargo & Company lifted their price target on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock 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.