Wedge Capital Management L L P NC Raises Stake in Core & Main, Inc. $CNM

Wedge Capital Management L L P NC boosted its position in shares of Core & Main, Inc. (NYSE:CNM) by 25.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 268,079 shares of the company’s stock after acquiring an additional 53,922 shares during the period. Wedge Capital Management L L P NC’s holdings in Core & Main were worth $12,935,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Core & Main during the 4th quarter worth $108,265,000. First Trust Advisors LP grew its stake in shares of Core & Main by 38.6% during the fourth 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 acquired a new position in shares of Core & Main during the third quarter worth $67,284,000. Morgan Stanley increased its holdings in Core & Main by 8.3% in the fourth quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock valued at $758,079,000 after buying an additional 1,118,145 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC increased its holdings in Core & Main by 286.6% in the third quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company’s stock valued at $74,276,000 after buying an additional 1,022,864 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Citigroup decreased their price target on 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 reiterated a “neutral” rating and issued a $24.00 price objective on shares of Core & Main in a report on Thursday, June 11th. William Blair started coverage on Core & Main in a research report on Thursday, July 23rd. They set a “market perform” rating on the stock. Finally, Wall Street Zen lowered Core & Main from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and a consensus target price of $56.70.

Insider Buying and Selling

In related news, Director James D. Hope purchased 2,067 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The shares were purchased at an average cost 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 $543,148.05. The trade was a 21.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.51% of the stock is owned by corporate insiders.

Core & Main Stock Down 1.3%

Shares of NYSE:CNM opened at $46.03 on Thursday. The firm has a 50 day simple moving average of $46.49 and a 200-day simple moving average of $49.73. Core & Main, Inc. has a twelve month low of $41.88 and a twelve month high of $67.18. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $8.91 billion, a PE ratio of 19.50, a P/E/G ratio of 1.61 and a beta of 0.92.

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.