Core & Main, Inc. $CNM Stake Boosted by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans increased its stake in Core & Main, Inc. (NYSE:CNM) by 27.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 265,813 shares of the company’s stock after purchasing an additional 57,314 shares during the period. Thrivent Financial for Lutherans owned 0.13% of Core & Main worth $14,308,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. AlphaQuest LLC grew its position in shares of Core & Main by 3,581.3% during the third quarter. AlphaQuest LLC now owns 1,767 shares of the company’s stock worth $95,000 after acquiring an additional 1,719 shares during the last quarter. Arizona State Retirement System lifted its position in Core & Main by 1.2% in the 3rd quarter. Arizona State Retirement System now owns 56,121 shares of the company’s stock valued at $3,021,000 after purchasing an additional 654 shares during the last quarter. Federated Hermes Inc. boosted its stake in Core & Main by 1.7% during the 3rd quarter. Federated Hermes Inc. now owns 940,378 shares of the company’s stock valued at $50,621,000 after purchasing an additional 15,558 shares during the period. Truist Financial Corp grew its position in Core & Main by 7.6% in the 3rd quarter. Truist Financial Corp now owns 910,053 shares of the company’s stock worth $48,988,000 after purchasing an additional 64,107 shares during the last quarter. Finally, Riverwater Partners LLC grew its position in Core & Main by 19.3% in the 3rd quarter. Riverwater Partners LLC now owns 5,780 shares of the company’s stock worth $311,000 after purchasing an additional 937 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CNM has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their price objective on Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Robert W. Baird lifted their target price on Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Citigroup boosted their price target on Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, January 8th. Royal Bank Of Canada reissued an “outperform” rating and issued a $63.00 price target on shares of Core & Main in a research note on Friday, January 9th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $62.00.

Core & Main Stock Up 2.4%

CNM opened at $56.59 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26. The company has a market capitalization of $11.06 billion, a PE ratio of 24.93, a P/E/G ratio of 2.04 and a beta of 0.98. The stock’s fifty day moving average is $54.28 and its 200-day moving average is $55.41. Core & Main, Inc. has a one year low of $43.17 and a one year high of $67.18.

Core & Main (NYSE:CNM) last released its earnings results on Tuesday, December 9th. The company reported $0.72 earnings per share (EPS) for the quarter, hitting 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 for the quarter, compared to analyst estimates of $2.06 billion. During the same period in the previous year, the company earned $0.69 earnings per share. Core & Main’s revenue was up 1.2% compared to the same quarter last year. On average, equities analysts predict that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main declared that its board has initiated a stock buyback plan on Tuesday, December 9th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board 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.