Jennison Associates LLC Acquires 614,595 Shares of Core & Main, Inc. $CNM

Jennison Associates LLC raised its holdings in Core & Main, Inc. (NYSE:CNM) by 41.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 2,087,166 shares of the company’s stock after acquiring an additional 614,595 shares during the quarter. Jennison Associates LLC owned approximately 1.06% of Core & Main worth $112,352,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. EverSource Wealth Advisors LLC lifted its holdings in Core & Main by 145.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after buying an additional 269 shares during the period. Cubist Systematic Strategies LLC raised its stake in Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after buying an additional 524 shares during the last quarter. Hantz Financial Services Inc. boosted its position in Core & Main by 815.7% during the second quarter. Hantz Financial Services Inc. now owns 641 shares of the company’s stock valued at $39,000 after acquiring an additional 571 shares during the last quarter. Wilmington Savings Fund Society FSB grew its holdings in Core & Main by 47.8% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock worth $52,000 after acquiring an additional 311 shares during the period. Finally, Steph & Co. acquired a new position in shares of Core & Main in the 2nd quarter valued at about $53,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Stock Performance

Shares of CNM stock opened at $58.59 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35. The company has a market cap of $11.45 billion, a P/E ratio of 25.81, a P/E/G ratio of 2.33 and a beta of 0.98. Core & Main, Inc. has a one year low of $43.17 and a one year high of $67.18. The firm has a 50-day moving average of $52.77 and a 200-day moving average of $55.76.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, December 9th. The company reported $0.72 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.72. The firm had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The company’s revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.69 EPS. Equities research analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main declared that its board has authorized a share buyback plan on Tuesday, December 9th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Royal Bank Of Canada restated an “outperform” rating and set a $63.00 price target on shares of Core & Main in a report on Friday, January 9th. Robert W. Baird raised their price target on shares of Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a report on Wednesday, December 10th. Citigroup upped their price objective on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a report on Thursday, January 8th. JPMorgan Chase & Co. raised their target price on Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Finally, Wells Fargo & Company upped their price target on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Core & Main has an average rating of “Moderate Buy” and a consensus price target of $62.00.

About Core & Main

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.