Thrivent Financial for Lutherans Raises Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Thrivent Financial for Lutherans lifted its stake in Core & Main, Inc. (NYSE:CNM) by 6.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 109,225 shares of the company’s stock after acquiring an additional 6,227 shares during the quarter. Thrivent Financial for Lutherans owned 0.05% of Core & Main worth $4,849,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in CNM. Swedbank AB purchased a new stake in Core & Main in the first quarter worth approximately $98,876,000. Impax Asset Management Group plc boosted its stake in shares of Core & Main by 373.0% in the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock worth $89,416,000 after buying an additional 1,588,117 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Core & Main by 37.1% in the second quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock worth $205,974,000 after acquiring an additional 1,137,817 shares during the period. Anomaly Capital Management LP increased its position in Core & Main by 35.9% during the second quarter. Anomaly Capital Management LP now owns 3,608,523 shares of the company’s stock valued at $176,601,000 after acquiring an additional 953,489 shares during the last quarter. Finally, Fernbridge Capital Management LP bought a new position in Core & Main in the second quarter valued at about $40,447,000. 94.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Royal Bank of Canada reduced their price target on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Bank of America decreased their price target on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Thursday, September 5th. Wells Fargo & Company started coverage on shares of Core & Main in a research report on Monday, September 23rd. They set an “overweight” rating and a $52.00 price objective for the company. JPMorgan Chase & Co. lowered their target price on Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 3rd. Finally, Barclays cut their price target on Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $51.20.

Core & Main Stock Performance

NYSE CNM opened at $45.27 on Friday. 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, Inc. has a twelve month low of $34.02 and a twelve month high of $62.15. The business has a 50-day moving average price of $44.27 and a 200-day moving average price of $48.70. The firm has a market cap of $9.11 billion, a price-to-earnings ratio of 21.66, a price-to-earnings-growth ratio of 2.90 and a beta of 1.02.

Core & Main (NYSE:CNM) last posted its quarterly earnings results 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). The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.05 billion. Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.66 earnings per share. As a group, equities research analysts predict that Core & Main, Inc. will post 2.1 EPS for the current fiscal year.

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.