Qsemble Capital Management LP Has $1.04 Million Stake in Core & Main, Inc. (NYSE:CNM)

Qsemble Capital Management LP grew its position in Core & Main, Inc. (NYSE:CNM) by 87.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,241 shares of the company’s stock after purchasing an additional 9,891 shares during the quarter. Qsemble Capital Management LP’s holdings in Core & Main were worth $1,040,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Rise Advisors LLC bought a new stake in shares of Core & Main in the first quarter valued at approximately $27,000. ORG Partners LLC bought a new stake in shares of Core & Main in the first quarter valued at approximately $38,000. Quadrant Capital Group LLC boosted its stake in shares of Core & Main by 74.5% in the fourth quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock valued at $35,000 after buying an additional 365 shares during the period. Principal Securities Inc. bought a new stake in shares of Core & Main in the fourth quarter valued at approximately $43,000. Finally, CWM LLC boosted its stake in shares of Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after buying an additional 334 shares during the period. 94.19% of the stock is currently owned by institutional investors.

Core & Main Stock Up 2.9 %

Shares of CNM opened at $39.92 on Friday. The stock has a market capitalization of $8.04 billion, a price-to-earnings ratio of 18.65, a PEG ratio of 2.41 and a beta of 1.04. Core & Main, Inc. has a 52 week low of $27.75 and a 52 week high of $62.15. The stock has a fifty day moving average of $48.87 and a 200-day moving average of $52.40. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.34 and a current ratio of 2.29.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Wednesday, September 4th. The company reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). The company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.05 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.66 earnings per share. As a group, sell-side analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Core & Main announced that its Board of Directors has authorized a share buyback program on Wednesday, June 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $52.22, for a total transaction of $652,750.00. Following the completion of the sale, the director now directly owns 11,769 shares in the company, valued at approximately $614,577.18. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.49% of the company’s stock.

Wall Street Analysts Forecast Growth

CNM has been the subject of several recent research reports. Robert W. Baird cut their price target on Core & Main from $62.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. JPMorgan Chase & Co. cut their target price on Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, September 3rd. Truist Financial cut their target price on Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. Royal Bank of Canada cut their target price on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Finally, Bank of America cut their target price on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company 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 issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.30.

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.