Bank of New York Mellon Corp Purchases 138,115 Shares of Core & Main, Inc. $CNM

Bank of New York Mellon Corp grew its position in shares of Core & Main, Inc. (NYSE:CNM) by 12.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,231,839 shares of the company’s stock after buying an additional 138,115 shares during the quarter. Bank of New York Mellon Corp owned 0.63% of Core & Main worth $60,853,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Core & Main in the 4th quarter valued at approximately $108,265,000. First Trust Advisors LP increased its holdings in shares of Core & Main by 38.6% in 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 in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of Core & Main in the 3rd quarter worth $67,284,000. Morgan Stanley raised its stake in shares of Core & Main by 8.3% in the fourth quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock worth $758,079,000 after purchasing an additional 1,118,145 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its stake in shares of Core & Main by 286.6% in the third quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company’s stock worth $74,276,000 after purchasing an additional 1,022,864 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Stock Up 0.9%

CNM stock opened at $43.75 on Thursday. Core & Main, Inc. has a fifty-two week low of $42.50 and a fifty-two week high of $67.18. The business’s 50-day moving average is $47.48 and its two-hundred day moving average is $50.95. 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 company has a market cap of $8.47 billion, a price-to-earnings ratio of 18.54, a P/E/G ratio of 1.50 and a beta of 0.91.

Insider Buying and Selling at Core & Main

In other Core & Main news, Director James D. Hope acquired 2,067 shares of the stock in a transaction dated Monday, July 6th. The shares were purchased at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the purchase, the director directly owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. This trade represents a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 1.51% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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