Exchange Traded Concepts LLC Reduces Stake in Core & Main, Inc. (NYSE:CNM)

Exchange Traded Concepts LLC decreased its holdings in shares of Core & Main, Inc. (NYSE:CNMFree Report) by 38.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,897 shares of the company’s stock after selling 35,531 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Core & Main were worth $2,571,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. QRG Capital Management Inc. lifted its position in shares of Core & Main by 1.9% during the 2nd quarter. QRG Capital Management Inc. now owns 12,153 shares of the company’s stock worth $595,000 after buying an additional 228 shares during the last quarter. United Services Automobile Association lifted its position in Core & Main by 2.0% in the second quarter. United Services Automobile Association now owns 13,307 shares of the company’s stock valued at $651,000 after acquiring an additional 266 shares during the last quarter. CWM LLC boosted its stake in 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 acquiring an additional 334 shares in the last quarter. Lisanti Capital Growth LLC grew its holdings in shares of Core & Main by 0.3% during the first quarter. Lisanti Capital Growth LLC now owns 157,865 shares of the company’s stock worth $9,038,000 after purchasing an additional 395 shares during the last quarter. Finally, Rise Advisors LLC acquired a new stake in shares of Core & Main during the first quarter worth about $27,000. 94.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CNM. Bank of America decreased their target price on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. The Goldman Sachs Group lowered their target price on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Truist Financial reduced their price target on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Royal Bank of Canada lowered their price objective on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Finally, Loop Capital reduced their target price on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.50.

View Our Latest Stock Analysis on Core & Main

Core & Main Price Performance

Shares of NYSE:CNM opened at $45.27 on Tuesday. Core & Main, Inc. has a 52 week low of $29.13 and a 52 week high of $62.15. The company has a 50-day moving average price of $45.53 and a 200 day moving average price of $51.17. The company has a market cap of $9.12 billion, a P/E ratio of 21.15, a PEG ratio of 2.83 and a beta of 1.02. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40.

Core & Main (NYSE:CNMGet Free Report) last posted its quarterly earnings results 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). Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The business had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter last year, the firm earned $0.66 earnings per share. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. Research analysts predict that Core & Main, Inc. will post 2.1 earnings per share for the current year.

About Core & Main

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Core & Main (NYSE:CNM)

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