Assetmark Inc. Trims Stake in Core & Main, Inc. (NYSE:CNM)

Assetmark Inc. lessened its position in shares of Core & Main, Inc. (NYSE:CNM) by 1.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 86,029 shares of the company’s stock after selling 908 shares during the quarter. Assetmark Inc.’s holdings in Core & Main were worth $3,820,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Fiera Capital Corp grew its position in shares of Core & Main by 6.7% during the third quarter. Fiera Capital Corp now owns 173,076 shares of the company’s stock worth $7,685,000 after acquiring an additional 10,826 shares during the last quarter. Foster & Motley Inc. grew its position in Core & Main by 146.5% during the 3rd quarter. Foster & Motley Inc. now owns 23,762 shares of the company’s stock worth $1,055,000 after purchasing an additional 14,124 shares during the last quarter. Impax Asset Management Group plc increased its stake in Core & Main by 373.0% in the third quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock valued at $89,416,000 after purchasing an additional 1,588,117 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in shares of Core & Main by 92.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 17,761 shares of the company’s stock valued at $789,000 after buying an additional 8,547 shares during the last quarter. Finally, Lmcg Investments LLC boosted its stake in shares of Core & Main by 1.1% during the third quarter. Lmcg Investments LLC now owns 111,250 shares of the company’s stock worth $4,940,000 after buying an additional 1,211 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on CNM shares. Loop Capital dropped their price target on Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. Robert W. Baird boosted their target price on Core & Main from $53.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Barclays lowered their price objective on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, September 5th. Royal Bank of Canada cut their price objective on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Finally, Bank of America lowered their target price 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.20.

Core & Main Price Performance

Shares of NYSE:CNM opened at $42.25 on Wednesday. The firm has a market capitalization of $8.50 billion, a price-to-earnings ratio of 20.44, a price-to-earnings-growth ratio of 2.84 and a beta of 1.02. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. The business’s 50 day simple moving average is $43.59 and its 200-day simple moving average is $49.54. Core & Main, Inc. has a 12 month low of $31.21 and a 12 month high of $62.15.

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

About Core & Main

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.