Forest Avenue Capital Management LP Acquires 174,082 Shares of Core & Main, Inc. (NYSE:CNM)

Forest Avenue Capital Management LP lifted its holdings in Core & Main, Inc. (NYSE:CNM) by 18.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,122,251 shares of the company’s stock after acquiring an additional 174,082 shares during the period. Core & Main makes up 6.0% of Forest Avenue Capital Management LP’s portfolio, making the stock its 4th biggest position. Forest Avenue Capital Management LP’s holdings in Core & Main were worth $49,828,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. FMR LLC lifted its position in 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 acquiring an additional 1,903,280 shares in the last quarter. Swedbank AB acquired a new position in shares of Core & Main during the first quarter worth $98,876,000. Impax Asset Management Group plc boosted its stake in shares of Core & Main by 373.0% in the third quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock valued at $89,416,000 after purchasing an additional 1,588,117 shares during the period. Pacer Advisors Inc. grew its holdings in Core & Main by 37.1% during the 2nd quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock valued at $205,974,000 after purchasing an additional 1,137,817 shares in the last quarter. Finally, Anomaly Capital Management LP increased its stake in Core & Main by 35.9% during the 2nd quarter. Anomaly Capital Management LP now owns 3,608,523 shares of the company’s stock worth $176,601,000 after buying an additional 953,489 shares during the period. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Stock Down 0.9 %

NYSE:CNM opened at $47.12 on Wednesday. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40. The stock has a 50 day moving average of $44.40 and a 200-day moving average of $48.54. The firm has a market capitalization of $9.48 billion, a PE ratio of 22.55, a price-to-earnings-growth ratio of 3.09 and a beta of 1.02. Core & Main, Inc. has a 52 week low of $34.02 and a 52 week high of $62.15.

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on CNM. Barclays lowered their target price on Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, September 5th. Wells Fargo & Company assumed coverage on Core & Main in a research note on Monday, September 23rd. They set an “overweight” rating and a $52.00 price objective for the company. Truist Financial reduced their target price on Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. Robert W. Baird lifted their price target on shares of Core & Main from $53.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Loop Capital decreased their price objective on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.20.

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.