Spruce House Investment Management LLC Has $66.60 Million Stock Position in Core & Main, Inc. (NYSE:CNM)

Spruce House Investment Management LLC raised its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 400.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,500,000 shares of the company’s stock after purchasing an additional 1,200,000 shares during the period. Core & Main accounts for 3.3% of Spruce House Investment Management LLC’s portfolio, making the stock its 6th largest position. Spruce House Investment Management LLC’s holdings in Core & Main were worth $66,600,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CNM. CWM LLC increased its stake in shares of Core & Main by 25.6% during the second quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after purchasing an additional 334 shares in the last quarter. QRG Capital Management Inc. grew its holdings in shares of Core & Main by 1.9% during the second quarter. QRG Capital Management Inc. now owns 12,153 shares of the company’s stock valued at $595,000 after buying an additional 228 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Core & Main by 542.1% during the second quarter. SG Americas Securities LLC now owns 39,415 shares of the company’s stock valued at $1,929,000 after buying an additional 33,277 shares during the last quarter. Andina Capital Management LLC grew its holdings in shares of Core & Main by 12.4% during the second quarter. Andina Capital Management LLC now owns 8,413 shares of the company’s stock valued at $412,000 after buying an additional 929 shares during the last quarter. Finally, Border to Coast Pensions Partnership Ltd purchased a new stake in shares of Core & Main during the second quarter valued at approximately $16,760,000. Institutional investors own 94.19% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CNM shares. The Goldman Sachs Group cut their price target on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. JPMorgan Chase & Co. cut their price target on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a report on Tuesday, September 3rd. Loop Capital cut their price target on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, September 5th. Robert W. Baird raised their target price on shares of Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Bank of America dropped 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 issued a buy rating to the stock. According to MarketBeat.com, Core & Main currently has an average rating of “Moderate Buy” and a consensus price target of $55.30.

Core & Main Stock Down 0.9 %

CNM opened at $55.26 on Thursday. The company has a current ratio of 2.14, a quick ratio of 1.34 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 1-year low of $35.03 and a 1-year high of $62.15. The company has a market capitalization of $11.11 billion, a PE ratio of 25.94, a PEG ratio of 3.63 and a beta of 1.04. The firm’s 50 day simple moving average is $45.03 and its two-hundred day simple moving average is $48.06.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same period last year, the firm earned $0.65 earnings per share. The company’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, equities analysts forecast that Core & Main, Inc. will post 2.1 EPS for the current year.

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.