Loomis Sayles & Co. L P Sells 48,590 Shares of Core & Main, Inc. (NYSE:CNM)

Loomis Sayles & Co. L P trimmed its holdings in Core & Main, Inc. (NYSE:CNM) by 14.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 284,783 shares of the company’s stock after selling 48,590 shares during the quarter. Loomis Sayles & Co. L P owned 0.14% of Core & Main worth $12,644,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CNM. Price T Rowe Associates Inc. MD raised its stake in Core & Main by 31.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,566,745 shares of the company’s stock valued at $89,697,000 after purchasing an additional 375,311 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Core & Main by 6.2% during the second quarter. Rhumbline Advisers now owns 508,554 shares of the company’s stock worth $24,889,000 after buying an additional 29,490 shares in the last quarter. Comerica Bank grew its holdings in Core & Main by 30.9% during the 1st quarter. Comerica Bank now owns 67,754 shares of the company’s stock worth $3,879,000 after acquiring an additional 16,009 shares during the last quarter. Swedbank AB bought a new position in Core & Main in the 1st quarter worth approximately $98,876,000. Finally, SG Americas Securities LLC increased its stake in shares of Core & Main by 542.1% in the 2nd quarter. SG Americas Securities LLC now owns 39,415 shares of the company’s stock valued at $1,929,000 after buying an additional 33,277 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Stock Performance

CNM stock opened at $47.12 on Wednesday. Core & Main, Inc. has a 1-year low of $34.02 and a 1-year high of $62.15. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40. The firm has a market cap of $9.48 billion, a PE ratio of 22.55, a P/E/G ratio of 2.95 and a beta of 1.02. The business’s 50-day moving average price is $44.40 and its two-hundred day moving average price is $48.54.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Wednesday, September 4th. The company reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.13). The business 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%. Core & Main’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.66 earnings per share. As a group, research analysts forecast that Core & Main, Inc. will post 2.1 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CNM. The Goldman Sachs Group decreased their price target on Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Barclays dropped their price target on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, September 5th. Wells Fargo & Company started coverage on shares of Core & Main in a research note on Monday, September 23rd. They issued an “overweight” rating and a $52.00 price objective on the stock. Royal Bank of Canada cut their price target on Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Finally, Robert W. Baird lifted 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.20.

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.