Pembroke Management LTD Buys 190,879 Shares of Core & Main, Inc. $CNM

Pembroke Management LTD raised its stake in Core & Main, Inc. (NYSE:CNM) by 26.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 909,216 shares of the company’s stock after buying an additional 190,879 shares during the period. Core & Main comprises about 4.9% of Pembroke Management LTD’s portfolio, making the stock its 5th biggest position. Pembroke Management LTD owned 0.46% of Core & Main worth $48,943,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Cubist Systematic Strategies LLC boosted its holdings in 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 acquiring an additional 524 shares during the last quarter. AQR Capital Management LLC acquired a new position in shares of Core & Main in the 1st quarter worth approximately $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Core & Main by 36.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,576 shares of the company’s stock valued at $1,719,000 after purchasing an additional 9,534 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Core & Main by 23.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company’s stock valued at $14,106,000 after purchasing an additional 54,854 shares during the last quarter. Finally, Wedmont Private Capital acquired a new stake in shares of Core & Main during the second quarter worth $279,000. 94.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CNM shares. Barclays dropped their target price on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Monday, December 1st. UBS Group started coverage on Core & Main in a research note on Monday, September 29th. They issued a “buy” rating and a $65.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 10th. Zacks Research upgraded Core & Main from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 31st. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Core & Main has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

Core & Main Stock Performance

Shares of Core & Main stock opened at $58.51 on Friday. The business has a 50-day simple moving average of $51.84 and a 200 day simple moving average of $55.93. Core & Main, Inc. has a one year low of $43.17 and a one 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 $11.44 billion, a price-to-earnings ratio of 25.78, a PEG ratio of 1.94 and a beta of 0.98.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Tuesday, December 9th. The company reported $0.72 EPS for the quarter, meeting analysts’ consensus estimates of $0.72. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The firm had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter last year, the firm posted $0.69 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, research analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Core & Main declared that its board has authorized a share repurchase plan on Tuesday, December 9th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Core & Main Company Profile

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.