Core & Main, Inc. (NYSE:CNM) Shares Sold by Fernbridge Capital Management LP

Fernbridge Capital Management LP reduced its position in shares of Core & Main, Inc. (NYSE:CNM) by 16.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 691,507 shares of the company’s stock after selling 134,957 shares during the quarter. Core & Main makes up 1.9% of Fernbridge Capital Management LP’s portfolio, making the stock its 20th biggest holding. Fernbridge Capital Management LP’s holdings in Core & Main were worth $30,703,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new position in Core & Main in the third quarter valued at about $26,000. ORG Wealth Partners LLC acquired a new position in Core & Main in the 3rd quarter valued at about $31,000. GAMMA Investing LLC lifted its position in shares of Core & Main by 61.1% during the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after purchasing an additional 511 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new position in shares of Core & Main in the second quarter valued at approximately $76,000. Finally, CWM LLC lifted its holdings in Core & Main by 25.6% during the 2nd quarter. CWM LLC now owns 1,638 shares of the company’s stock worth $80,000 after buying an additional 334 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Stock Down 0.9 %

CNM opened at $47.12 on Wednesday. The firm has a market cap of $9.48 billion, a P/E ratio of 22.55, a PEG ratio of 3.09 and a beta of 1.02. Core & Main, Inc. has a 52 week low of $34.02 and a 52 week high of $62.15. 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 business’s fifty day simple moving average is $44.40 and its 200 day simple moving average is $48.54.

Core & Main (NYSE:CNM) last announced its earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). The firm 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 firm’s revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 EPS. As a group, equities research analysts anticipate that Core & Main, Inc. will post 2.1 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CNM has been the topic of a number of recent research reports. Royal Bank of Canada cut their price objective on Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Loop Capital decreased their price objective on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. Wells Fargo & Company initiated coverage on shares of Core & Main in a research note on Monday, September 23rd. They set an “overweight” rating and a $52.00 target price on the stock. Truist Financial lowered their price target on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, September 5th. Finally, Barclays dropped their price target on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.20.

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.