OP Asset Management Ltd Acquires Shares of 17,643 Core & Main, Inc. $CNM

OP Asset Management Ltd bought a new position in shares of Core & Main, Inc. (NYSE:CNM) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 17,643 shares of the company’s stock, valued at approximately $872,000.

Other hedge funds also recently made changes to their positions in the company. Morgan Stanley increased its holdings in shares of Core & Main by 8.3% in the 4th quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock valued at $758,079,000 after acquiring an additional 1,118,145 shares during the last quarter. Capital World Investors boosted its holdings in Core & Main by 5.8% in the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock worth $327,034,000 after purchasing an additional 344,606 shares during the period. State Street Corp boosted its holdings in Core & Main by 1.0% in the fourth quarter. State Street Corp now owns 5,733,516 shares of the company’s stock worth $297,971,000 after purchasing an additional 54,562 shares during the period. Royal London Asset Management Ltd. increased its stake in Core & Main by 12.5% during the fourth quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company’s stock valued at $295,636,000 after purchasing an additional 632,077 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in Core & Main by 38.6% during the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock valued at $276,380,000 after purchasing an additional 1,482,235 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Insider Transactions at Core & Main

In other news, Director James D. Hope acquired 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, for a total transaction of $99,980.40. Following the transaction, the director directly owned 6,939 shares in the company, valued at $351,807.30. This trade represents a 39.70% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robyn L. Bradbury sold 5,000 shares of the business’s stock in a transaction dated 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 directly owned 12,500 shares of the company’s stock, valued at $656,750. The trade was a 28.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.51% of the stock is owned by company insiders.

Analyst Ratings Changes

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

Core & Main Price Performance

Shares of NYSE CNM opened at $47.91 on Tuesday. Core & Main, Inc. has a 1-year low of $43.96 and a 1-year high of $67.18. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.31 and a quick ratio of 1.31. The business’s fifty day moving average price is $48.88 and its two-hundred day moving average price is $52.01. The firm has a market capitalization of $9.27 billion, a PE ratio of 20.30, a P/E/G ratio of 1.70 and a beta of 0.91.

Core & Main (NYSE:CNM) last posted its earnings results on Wednesday, June 10th. The company reported $0.72 earnings per share (EPS) 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 company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the business posted $0.52 earnings per share. The firm’s quarterly revenue was down .1% compared to the same quarter last year. On average, research analysts expect that Core & Main, Inc. will post 3.06 EPS for the current year.

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.