Xponance Inc. Buys 8,206 Shares of Core & Main, Inc. (NYSE:CNM)

Xponance Inc. grew its stake in shares of Core & Main, Inc. (NYSE:CNM) by 40.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,645 shares of the company’s stock after buying an additional 8,206 shares during the period. Xponance Inc.’s holdings in Core & Main were worth $1,402,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Core & Main by 35.2% during the 1st quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock worth $1,038,457,000 after acquiring an additional 4,721,510 shares during the last quarter. Capital International Investors raised its holdings in Core & Main by 470.6% in 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. Pacer Advisors Inc. raised its holdings in Core & Main by 37.1% in the second quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock worth $205,974,000 after purchasing an additional 1,137,817 shares during the period. Anomaly Capital Management LP boosted its position in shares of Core & Main by 35.9% during the second quarter. Anomaly Capital Management LP now owns 3,608,523 shares of the company’s stock worth $176,601,000 after purchasing an additional 953,489 shares in the last quarter. Finally, Royal London Asset Management Ltd. grew its holdings in shares of Core & Main by 11.0% in the 2nd quarter. Royal London Asset Management Ltd. now owns 2,688,455 shares of the company’s stock valued at $131,573,000 after buying an additional 266,935 shares during the period. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Truist Financial dropped their price objective on Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. Wells Fargo & Company assumed coverage on Core & Main in a report on Monday, September 23rd. They set an “overweight” rating and a $52.00 price objective on the stock. The Goldman Sachs Group decreased their price objective on Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Barclays dropped their target price on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. reduced their price target 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Core & Main currently has an average rating of “Moderate Buy” and an average price target of $49.55.

Core & Main Stock Performance

Shares of CNM opened at $45.77 on Friday. The stock has a market capitalization of $9.21 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 2.87 and a beta of 1.04. Core & Main, Inc. has a 12 month low of $27.98 and a 12 month high of $62.15. The firm has a fifty day simple moving average of $47.30 and a 200 day simple moving average of $52.03. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40.

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

Core & Main announced that its board has initiated a stock buyback 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 a sign that the company’s management believes its stock is undervalued.

Insider Activity at Core & Main

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $52.22, for a total transaction of $652,750.00. Following the transaction, the director now owns 11,769 shares of the company’s stock, valued at approximately $614,577.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.49% of the company’s stock.

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.