Core & Main, Inc. $CNM Shares Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lifted its stake in shares of Core & Main, Inc. (NYSE:CNM) by 1,660.3% in the 1st quarter, Holdings Channel reports. The institutional investor owned 932,323 shares of the company’s stock after acquiring an additional 879,360 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Core & Main were worth $46,057,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital World Investors lifted its holdings in shares of Core & Main by 294.9% in the 3rd quarter. Capital World Investors now owns 5,948,134 shares of the company’s stock valued at $320,188,000 after purchasing an additional 4,442,047 shares during the last quarter. Norges Bank purchased a new stake in Core & Main in the 4th quarter valued at $108,265,000. Holocene Advisors LP acquired a new stake in Core & Main during the 3rd quarter worth $100,765,000. First Trust Advisors LP grew its position in Core & Main by 38.6% during the 4th quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock worth $276,380,000 after purchasing an additional 1,482,235 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in Core & Main during the 3rd quarter worth $67,284,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Robyn L. Bradbury sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $52.54, for a total value of $262,700.00. Following the completion of the sale, the chief financial officer directly owned 12,500 shares of the company’s stock, valued at $656,750. This trade represents a 28.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope acquired 1,972 shares of the business’s stock in a transaction on Tuesday, April 7th. The stock was acquired at an average price of $50.70 per share, with a total value of $99,980.40. Following the transaction, the director directly owned 6,939 shares of the company’s stock, valued at $351,807.30. This represents a 39.70% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 1.51% of the company’s stock.

Core & Main Stock Up 2.3%

Shares of NYSE:CNM opened at $48.22 on Friday. Core & Main, Inc. has a fifty-two week low of $43.96 and a fifty-two week high of $67.18. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00. The firm’s 50-day simple moving average is $49.05 and its 200-day simple moving average is $52.05. The company has a market cap of $9.33 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 1.63 and a beta of 0.91.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Wednesday, June 10th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.19. Core & Main had a net margin of 5.87% and a return on equity of 26.17%. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the prior year, the company posted $0.52 earnings per share. The firm’s revenue for the quarter was down .1% on a year-over-year basis. As a group, equities research analysts predict that Core & Main, Inc. will post 3.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CNM. Citigroup reduced their target price on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a report on Thursday, June 11th. The Goldman Sachs Group restated a “neutral” rating and issued a $24.00 price target on shares of Core & Main in a research report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft reduced their price objective on Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Finally, Barclays decreased their price objective on Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Wednesday, March 25th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.73.

Core & Main Company Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.