Vaughan Nelson Investment Management L.P. Sells 1,123,057 Shares of Core & Main, Inc. (NYSE:CNM)

Vaughan Nelson Investment Management L.P. cut its holdings in Core & Main, Inc. (NYSE:CNM) by 98.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 19,385 shares of the company’s stock after selling 1,123,057 shares during the period. Vaughan Nelson Investment Management L.P.’s holdings in Core & Main were worth $861,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CNM. Vanguard Group Inc. lifted its position in Core & Main by 35.2% in the 1st quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock valued at $1,038,457,000 after acquiring an additional 4,721,510 shares in the last quarter. Capital International Investors lifted its holdings in shares of Core & Main by 470.6% during the 1st quarter. Capital International Investors now owns 5,093,278 shares of the company’s stock valued at $291,590,000 after buying an additional 4,200,591 shares during the period. Bessemer Group Inc. lifted its holdings in shares of Core & Main by 915.9% during the 1st quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock valued at $148,073,000 after buying an additional 2,331,802 shares during the period. Swedbank AB bought a new position in shares of Core & Main during the 1st quarter valued at $98,876,000. Finally, Impax Asset Management Group plc lifted its holdings in shares of Core & Main by 373.0% during the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock valued at $89,416,000 after buying an additional 1,588,117 shares during the period. 94.19% of the stock is owned by institutional investors.

Core & Main Stock Up 1.4 %

CNM opened at $42.51 on Monday. 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, Inc. has a fifty-two week low of $33.47 and a fifty-two week high of $62.15. The firm’s fifty day moving average is $43.72 and its 200 day moving average is $49.13. The stock has a market cap of $8.55 billion, a price-to-earnings ratio of 20.34, a price-to-earnings-growth ratio of 2.77 and a beta of 1.02.

Core & Main (NYSE:CNM) last released its 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 firm had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter last year, the firm posted $0.66 EPS. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. On average, sell-side analysts forecast that Core & Main, Inc. will post 2.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group lowered their price objective on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. JPMorgan Chase & Co. dropped their price target on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 3rd. Robert W. Baird upped their price objective on Core & Main from $53.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Truist Financial lowered their target price on Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Finally, Royal Bank of Canada reduced their price target on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research report 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 given a buy rating to the stock. Based on data from MarketBeat.com, Core & Main has a consensus rating of “Moderate Buy” and a consensus target price of $51.20.

Core & Main Company 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.