OP Asset Management Ltd Invests $872,000 in Core & Main, Inc. $CNM

OP Asset Management Ltd bought a new stake in Core & Main, Inc. (NYSE:CNM) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 17,643 shares of the company’s stock, valued at approximately $872,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Capital World Investors raised its position in Core & Main by 294.9% in the third 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 period. Norges Bank purchased a new stake in shares of Core & Main in the fourth quarter worth about $108,265,000. Holocene Advisors LP purchased a new stake in shares of Core & Main in the third quarter worth about $100,765,000. First Trust Advisors LP grew its stake in shares of Core & Main by 38.6% in the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock valued at $276,380,000 after buying an additional 1,482,235 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of Core & Main in the third quarter valued at about $67,284,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Trading Down 2.5%

NYSE:CNM opened at $47.91 on Tuesday. The stock has a market cap of $9.27 billion, a price-to-earnings ratio of 20.30, a price-to-earnings-growth ratio of 1.70 and a beta of 0.91. Core & Main, Inc. has a one year low of $43.96 and a one year high of $67.18. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.31 and a current ratio of 2.31. The business’s 50-day simple moving average is $48.88 and its 200 day simple moving average is $52.01.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Wednesday, June 10th. The company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.19. Core & Main had a return on equity of 26.17% and a net margin of 5.87%.The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the firm earned $0.52 EPS. Core & Main’s quarterly revenue was down .1% on a year-over-year basis. As a group, sell-side analysts predict that Core & Main, Inc. will post 3.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director James D. Hope purchased 1,972 shares of the business’s stock in a transaction that occurred on Tuesday, April 7th. The shares were purchased at an average cost of $50.70 per share, with a total value of $99,980.40. Following the completion of the acquisition, the director directly owned 6,939 shares of the company’s stock, valued at approximately $351,807.30. The trade was a 39.70% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Robyn L. Bradbury sold 5,000 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $52.54, for a total transaction of $262,700.00. Following the transaction, the chief financial officer owned 12,500 shares in the company, valued at $656,750. This trade represents a 28.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.51% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

About Core & Main

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.