Mediolanum International Funds Ltd Acquires New Shares in Core & Main, Inc. $CNM

Mediolanum International Funds Ltd bought a new position in shares of Core & Main, Inc. (NYSE:CNM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 137,663 shares of the company’s stock, valued at approximately $7,383,000. Mediolanum International Funds Ltd owned approximately 0.07% of Core & Main at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC increased its position in Core & Main by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 3,472,477 shares of the company’s stock worth $209,597,000 after purchasing an additional 18,874 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of Core & Main by 0.4% during the second quarter. Bessemer Group Inc. now owns 3,371,475 shares of the company’s stock worth $203,467,000 after buying an additional 14,244 shares in the last quarter. Amundi lifted its stake in shares of Core & Main by 2.8% in the 2nd quarter. Amundi now owns 3,357,973 shares of the company’s stock valued at $186,955,000 after acquiring an additional 92,355 shares during the last quarter. Handelsbanken Fonder AB grew its position in Core & Main by 14.2% during the 2nd quarter. Handelsbanken Fonder AB now owns 2,823,433 shares of the company’s stock worth $170,394,000 after acquiring an additional 351,219 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Core & Main by 20.6% in the 2nd quarter. Bank of America Corp DE now owns 2,255,531 shares of the company’s stock worth $136,121,000 after purchasing an additional 385,659 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CNM has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft lifted their price target on Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Citigroup raised 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. Barclays cut their target price on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Monday, December 1st. Robert W. Baird raised their price target on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a report on Wednesday, December 10th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $62.00.

Core & Main Stock Performance

NYSE:CNM opened at $54.62 on Tuesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26. Core & Main, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $67.18. The company has a 50 day simple moving average of $53.94 and a two-hundred day simple moving average of $55.45. The company has a market capitalization of $10.68 billion, a PE ratio of 24.06, a P/E/G ratio of 2.12 and a beta of 0.98.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, December 9th. The company reported $0.72 EPS for the quarter, meeting analysts’ consensus estimates of $0.72. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The company had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same period in the prior year, the firm posted $0.69 EPS. The company’s quarterly revenue was up 1.2% on a year-over-year basis. Research analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Core & Main declared that its Board of Directors has initiated a share repurchase plan on Tuesday, December 9th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Core & Main Company Profile

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.