Fernbridge Capital Management LP Cuts Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Fernbridge Capital Management LP lessened its holdings in Core & Main, Inc. (NYSE:CNM) by 16.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 691,507 shares of the company’s stock after selling 134,957 shares during the period. Core & Main comprises 1.9% of Fernbridge Capital Management LP’s holdings, making the stock its 20th biggest position. Fernbridge Capital Management LP owned 0.34% of Core & Main worth $30,703,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CNM. Thematics Asset Management grew its holdings in shares of Core & Main by 15.5% during the third quarter. Thematics Asset Management now owns 484,000 shares of the company’s stock valued at $21,490,000 after buying an additional 65,000 shares during the last quarter. Advantage Alpha Capital Partners LP purchased a new stake in Core & Main during the 3rd quarter valued at about $4,134,000. FMR LLC increased its holdings in shares of Core & Main by 28.0% in the third quarter. FMR LLC now owns 8,697,084 shares of the company’s stock valued at $386,151,000 after purchasing an additional 1,903,280 shares during the period. CDAM UK Ltd raised its stake in shares of 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 last quarter. Finally, Douglass Winthrop Advisors LLC lifted its holdings in shares of Core & Main by 23.3% during the third quarter. Douglass Winthrop Advisors LLC now owns 70,272 shares of the company’s stock worth $3,120,000 after purchasing an additional 13,263 shares during the period. 94.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Core & Main in a report on Monday, September 23rd. They issued an “overweight” rating and a $52.00 price target on the stock. Loop Capital reduced their price objective on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. Bank of America lowered their price target on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Thursday, September 5th. The Goldman Sachs Group cut their price objective 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, Robert W. Baird increased their target price 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. One research 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.20.

Core & Main Stock Down 0.9 %

CNM opened at $47.12 on Wednesday. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. Core & Main, Inc. has a twelve month low of $34.02 and a twelve month high of $62.15. The company has a market cap 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. The company has a 50-day moving average price of $44.40 and a 200 day moving average price of $48.54.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 EPS 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 firm had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter in the previous year, the firm posted $0.66 earnings per share. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. Sell-side analysts expect that Core & Main, Inc. will post 2.1 earnings per share 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.