Jupiter Asset Management Ltd. Has $37 Million Stock Position in Core & Main, Inc. (NYSE:CNM)

Jupiter Asset Management Ltd. reduced its position in shares of Core & Main, Inc. (NYSE:CNM) by 16.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 756,029 shares of the company’s stock after selling 153,164 shares during the quarter. Jupiter Asset Management Ltd. owned about 0.38% of Core & Main worth $37,000,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Core & Main by 35.2% during the 1st quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock worth $1,038,457,000 after buying an additional 4,721,510 shares during the period. Capital International Investors raised its stake in shares of Core & Main by 470.6% in the first quarter. Capital International Investors now owns 5,093,278 shares of the company’s stock worth $291,590,000 after purchasing an additional 4,200,591 shares during the last quarter. Royal London Asset Management Ltd. raised its stake in shares of Core & Main by 11.0% in the second quarter. Royal London Asset Management Ltd. now owns 2,688,455 shares of the company’s stock worth $131,573,000 after purchasing an additional 266,935 shares during the last quarter. Artemis Investment Management LLP raised its stake in shares of Core & Main by 148.0% in the first quarter. Artemis Investment Management LLP now owns 2,650,209 shares of the company’s stock worth $151,655,000 after purchasing an additional 1,581,389 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of Core & Main by 915.9% in the first quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock worth $148,073,000 after purchasing an additional 2,331,802 shares during the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Core & Main

In other news, Director James G. Castellano sold 12,500 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $52.22, for a total value of $652,750.00. Following the completion of the transaction, the director now directly owns 11,769 shares of the company’s stock, valued at $614,577.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.49% of the stock is owned by corporate insiders.

Core & Main Price Performance

Shares of NYSE CNM opened at $38.80 on Thursday. The stock has a fifty day simple moving average of $49.05 and a two-hundred day simple moving average of $52.49. Core & Main, Inc. has a 1-year low of $27.75 and a 1-year high of $62.15. The firm has a market cap of $7.82 billion, a price-to-earnings ratio of 18.13, a price-to-earnings-growth ratio of 2.41 and a beta of 1.04. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40.

Core & Main (NYSE:CNM) last announced 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 firm had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same period last year, the company posted $0.66 earnings per share. Core & Main’s revenue for the quarter was up 5.5% on a year-over-year basis. Analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Core & Main declared that its board has approved a share buyback program on Wednesday, June 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Truist Financial lowered their price objective 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 lowered their price objective 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. Robert W. Baird lowered their price objective 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. Barclays reduced their target price on Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, September 5th. Finally, Loop Capital reduced their target price on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.30.

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.