Core & Main: A Great Company That's Too Pricey For My Liking

2025-08-26 07:33:13 ET

One business that has been doing spectacularly well from a share price perspective over the past several months has been Core & Main (CNM), an enterprise that distributes items like pipes, valves, fittings, storm drainage products, fire protection products, and more. Since I reaffirmed it as a 'hold' candidate back in December of last year, the stock has risen by 18.7%. That's well above the 6.2% rise the S&P 500 enjoyed. However, over a longer period of time, results have been less impressive. Since I originally rated it a 'buy' in March of last year, the stock is up only 20.1%. That's actually worse than the 24.8% rise that the S&P 500 has seen. But I wouldn't call the return disparity here significant....

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