SG Americas Securities LLC Acquires 91,026 Shares of Core & Main, Inc. $CNM

SG Americas Securities LLC increased its stake in shares of Core & Main, Inc. (NYSE:CNM) by 286.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,806 shares of the company’s stock after buying an additional 91,026 shares during the quarter. SG Americas Securities LLC’s holdings in Core & Main were worth $6,611,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its position in shares of Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after purchasing an additional 269 shares during the period. Bfsg LLC increased its holdings in Core & Main by 56.4% in the 2nd quarter. Bfsg LLC now owns 560 shares of the company’s stock valued at $34,000 after buying an additional 202 shares during the period. Cubist Systematic Strategies LLC raised its position in shares of Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after buying an additional 524 shares in the last quarter. Hantz Financial Services Inc. boosted its position in shares of Core & Main by 815.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 641 shares of the company’s stock worth $39,000 after acquiring an additional 571 shares in the last quarter. Finally, Steph & Co. bought a new position in Core & Main in the second quarter valued at approximately $53,000. 94.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CNM. Robert W. Baird raised their target price on Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, December 10th. 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. boosted 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. Wells Fargo & Company raised their price target on shares of Core & Main from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.27.

Core & Main Stock Performance

NYSE:CNM opened at $56.66 on Friday. The stock’s 50-day moving average is $51.27 and its 200-day moving average is $56.00. Core & Main, Inc. has a 1-year low of $43.17 and a 1-year high of $67.18. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. The stock has a market cap of $11.08 billion, a P/E ratio of 24.96, a price-to-earnings-growth ratio of 1.90 and a beta of 0.98.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, December 9th. The company reported $0.72 EPS for the quarter, hitting the consensus estimate of $0.72. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same period last year, the company earned $0.69 EPS. The firm’s revenue was up 1.2% compared to the same quarter last year. Equities research analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Core & Main declared that its Board of Directors has approved a stock buyback program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.