Thematics Asset Management Purchases 65,000 Shares of Core & Main, Inc. (NYSE:CNM)

Thematics Asset Management lifted its position in shares of Core & Main, Inc. (NYSE:CNM) by 15.5% in the 3rd quarter, Holdings Channel reports. The fund owned 484,000 shares of the company’s stock after buying an additional 65,000 shares during the quarter. Thematics Asset Management’s holdings in Core & Main were worth $21,490,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new stake in Core & Main during the third quarter valued at about $26,000. ORG Wealth Partners LLC purchased a new stake in shares of Core & Main during the 3rd quarter valued at approximately $31,000. GAMMA Investing LLC boosted its holdings in Core & Main by 61.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after buying an additional 511 shares during the period. Brown Brothers Harriman & Co. purchased a new position in Core & Main in the 2nd quarter valued at approximately $76,000. Finally, CWM LLC raised its holdings in Core & Main by 25.6% during the 2nd quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after acquiring an additional 334 shares during the period. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Stock Performance

Shares of NYSE:CNM traded down $0.66 during midday trading on Tuesday, reaching $46.88. 170,576 shares of the company’s stock traded hands, compared to its average volume of 2,555,459. Core & Main, Inc. has a one year low of $34.02 and a one year high of $62.15. The stock has a 50 day moving average of $44.40 and a 200 day moving average of $48.54. The company has a market cap of $9.43 billion, a price-to-earnings ratio of 22.75, a P/E/G ratio of 2.95 and a beta of 1.02. 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 released its quarterly earnings data on Wednesday, September 4th. The company reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.13). Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The company had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same period in the previous year, the firm earned $0.66 earnings per share. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, equities research analysts anticipate that Core & Main, Inc. will post 2.1 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CNM. Truist Financial dropped their price target on Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Barclays decreased their target price 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. 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 price target on Core & Main from $53.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company started coverage on Core & Main in a research report on Monday, September 23rd. They set an “overweight” rating and a $52.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.20.

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.