Federated Hermes Inc. Buys 39,446 Shares of Core & Main, Inc. (NYSE:CNM)

Federated Hermes Inc. lifted its stake in Core & Main, Inc. (NYSE:CNM) by 33.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 158,720 shares of the company’s stock after acquiring an additional 39,446 shares during the period. Federated Hermes Inc.’s holdings in Core & Main were worth $7,768,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in CNM. Vanguard Group Inc. lifted its stake in shares of Core & Main by 35.2% in the first quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock valued at $1,038,457,000 after buying an additional 4,721,510 shares during the period. Capital International Investors lifted its stake in Core & Main by 470.6% during the first quarter. Capital International Investors now owns 5,093,278 shares of the company’s stock worth $291,590,000 after purchasing an additional 4,200,591 shares during the period. Bessemer Group Inc. lifted its stake in Core & Main by 915.9% during the first quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock worth $148,073,000 after purchasing an additional 2,331,802 shares during the period. Swedbank AB bought a new position in Core & Main during the first quarter worth about $98,876,000. Finally, Norges Bank bought a new position in Core & Main during the fourth quarter worth about $69,282,000. Institutional investors own 94.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on CNM shares. Robert W. Baird cut their price target on shares of Core & Main from $62.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. JPMorgan Chase & Co. dropped their price objective on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a report on Tuesday, September 3rd. Royal Bank of Canada dropped their price objective on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Bank of America dropped their price objective on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. Finally, The Goldman Sachs Group dropped 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. One equities 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $49.30.

Insider Transactions at Core & Main

In other news, Director James G. Castellano sold 12,500 shares of Core & Main stock in a transaction on Monday, July 15th. The shares were sold at an average price of $52.22, for a total transaction of $652,750.00. Following the transaction, the director now directly owns 11,769 shares of the company’s stock, valued at $614,577.18. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.49% of the company’s stock.

Core & Main Stock Performance

Shares of Core & Main stock opened at $42.72 on Wednesday. The firm has a 50 day simple moving average of $48.43 and a 200 day simple moving average of $52.34. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. Core & Main, Inc. has a fifty-two week low of $27.75 and a fifty-two week high of $62.15. The firm has a market cap of $8.61 billion, a P/E ratio of 19.96, a P/E/G ratio of 2.52 and a beta of 1.04.

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

Core & Main declared that its Board of Directors has authorized a share repurchase program on Wednesday, June 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Core & Main 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.