Advantage Alpha Capital Partners LP Acquires New Holdings in Core & Main, Inc. (NYSE:CNM)

Advantage Alpha Capital Partners LP bought a new stake in Core & Main, Inc. (NYSE:CNM) in the third quarter, Holdings Channel reports. The fund bought 93,100 shares of the company’s stock, valued at approximately $4,134,000.

Several other large investors have also recently bought and sold shares of CNM. FMR LLC lifted its stake in shares of Core & Main by 28.0% in the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock worth $386,151,000 after acquiring an additional 1,903,280 shares during the period. CDAM UK Ltd lifted its position in Core & Main by 84.9% in the third quarter. CDAM UK Ltd now owns 1,276,796 shares of the company’s stock worth $56,690,000 after purchasing an additional 586,081 shares during the period. Douglass Winthrop Advisors LLC boosted its stake in Core & Main by 23.3% during the 3rd quarter. Douglass Winthrop Advisors LLC now owns 70,272 shares of the company’s stock valued at $3,120,000 after purchasing an additional 13,263 shares in the last quarter. Summit Trail Advisors LLC increased its position in shares of Core & Main by 11.8% during the 3rd quarter. Summit Trail Advisors LLC now owns 8,923 shares of the company’s stock valued at $396,000 after purchasing an additional 945 shares during the period. Finally, Swedbank AB increased its position in shares of Core & Main by 8.2% during the 3rd quarter. Swedbank AB now owns 1,782,100 shares of the company’s stock valued at $79,125,000 after purchasing an additional 135,000 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Wall Street Analysts Forecast Growth

CNM has been the subject of several research reports. Royal Bank of Canada decreased their target price on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. JPMorgan Chase & Co. reduced their price objective on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. Barclays dropped their target price on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, September 5th. The Goldman Sachs Group reduced their target price on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Finally, Wells Fargo & Company initiated coverage on Core & Main in a report on Monday, September 23rd. They issued an “overweight” rating and a $52.00 price target on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.20.

Core & Main Stock Performance

Shares of Core & Main stock opened at $47.55 on Tuesday. Core & Main, Inc. has a 12 month low of $34.02 and a 12 month high of $62.15. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. The stock has a market cap of $9.56 billion, a PE ratio of 22.75, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. The business has a fifty day simple moving average of $44.40 and a 200-day simple moving average of $48.54.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). The business 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 company’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.66 earnings per share. On average, sell-side analysts anticipate that Core & Main, Inc. will post 2.1 EPS for the current fiscal year.

Core & Main Company Profile

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.