Meritage Portfolio Management Buys 1,296 Shares of Core & Main, Inc. (NYSE:CNM)

Meritage Portfolio Management lifted its stake in Core & Main, Inc. (NYSE:CNM) by 11.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 12,579 shares of the company’s stock after buying an additional 1,296 shares during the quarter. Meritage Portfolio Management’s holdings in Core & Main were worth $559,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of CNM. Vanguard Group Inc. raised its stake in Core & Main by 35.2% during the first 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 in the last quarter. Select Equity Group L.P. increased its position in shares of Core & Main by 0.3% during the 2nd quarter. Select Equity Group L.P. now owns 15,426,777 shares of the company’s stock worth $754,986,000 after purchasing an additional 39,475 shares in the last quarter. Capital International Investors increased its position in shares of Core & Main by 470.6% during the 1st 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 in the last quarter. Pacer Advisors Inc. lifted its holdings in Core & Main by 37.1% during the 2nd quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock valued at $205,974,000 after purchasing an additional 1,137,817 shares during the last quarter. Finally, Anomaly Capital Management LP boosted its position in Core & Main by 35.9% in the second quarter. Anomaly Capital Management LP now owns 3,608,523 shares of the company’s stock valued at $176,601,000 after buying an additional 953,489 shares in the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Price Performance

Core & Main stock opened at $43.58 on Monday. The business’s 50-day simple moving average is $43.69 and its 200 day simple moving average is $49.64. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. The stock has a market cap of $8.77 billion, a price-to-earnings ratio of 20.85, a P/E/G ratio of 3.07 and a beta of 1.02. Core & Main, Inc. has a 12-month low of $31.21 and a 12-month high of $62.15.

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

Analyst Ratings Changes

A number of research firms have recently issued reports on CNM. The Goldman Sachs Group cut their target price on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Royal Bank of Canada cut their price objective on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Wells Fargo & Company began coverage on Core & Main in a research note on Monday, September 23rd. They issued an “overweight” rating and a $52.00 price objective on the stock. Robert W. Baird raised their target price on Core & Main from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Loop Capital reduced their price target on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Core & Main has a consensus rating of “Moderate Buy” and a consensus target price of $51.20.

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.