Fri Sep 20 11:36:07 UTC 2024: ## Institutional Investors Show Interest in Core & Main, Inc. Amidst Mixed Analyst Sentiment
**New York, NY – September 20, 2024** – Core & Main, Inc. (NYSE: CNM) saw increased activity from institutional investors in the second quarter of 2024, with several firms adding to or boosting their positions in the company.
Brown Brothers Harriman & Co. entered a new position in Core & Main, acquiring 1,544 shares valued at approximately $76,000. Meanwhile, Vanguard Group Inc. significantly increased its stake in the company by 35.2% during the first quarter. Capital International Investors also made a major move, lifting its position by a staggering 470.6% during the same period.
Other notable investors include Royal London Asset Management Ltd. and Artemis Investment Management LLP, which boosted their holdings in Core & Main by 11.0% and 148.0% respectively during the second quarter.
Despite this bullish activity, analysts’ opinions on Core & Main are somewhat divided. While Loop Capital maintained a “buy” rating and Robert W. Baird gave an “outperform” rating, several other firms lowered their price targets or issued more conservative assessments. Bank of America downgraded the stock to “underperform,” and Truist Financial assigned a “hold” rating. The Goldman Sachs Group also reduced its price target to a “neutral” rating.
This mixed sentiment is reflected in Core & Main’s recent earnings report. The company missed analysts’ estimates for both earnings per share and revenue in the third quarter. However, the company did announce a new $500 million stock buyback program, a move that could be interpreted as a sign of confidence from management.
Overall, Core & Main continues to attract interest from institutional investors, despite recent challenges in meeting market expectations. The company’s stock opened at $44.81 on Friday, and it will be interesting to see how it performs in the coming months as the company navigates a complex market landscape.
First Piper 