Pictet Asset Management Holding SA Has $321.78 Million Position in Core & Main, Inc. $CNM

Pictet Asset Management Holding SA reduced its stake in Core & Main, Inc. (NYSE:CNM) by 12.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,514,667 shares of the company’s stock after selling 926,760 shares during the period. Pictet Asset Management Holding SA’s holdings in Core & Main were worth $321,778,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the company. Deutsche Bank AG raised its stake in shares of Core & Main by 1.1% in the fourth quarter. Deutsche Bank AG now owns 17,859 shares of the company’s stock valued at $928,000 after acquiring an additional 190 shares during the last quarter. Modern Wealth Management LLC boosted its holdings in Core & Main by 5.8% in the third quarter. Modern Wealth Management LLC now owns 3,970 shares of the company’s stock valued at $214,000 after acquiring an additional 218 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in Core & Main by 13.8% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,959 shares of the company’s stock worth $109,000 after purchasing an additional 237 shares during the period. Fifth Third Wealth Advisors LLC increased its position in Core & Main by 4.8% in the first quarter. Fifth Third Wealth Advisors LLC now owns 5,726 shares of the company’s stock worth $283,000 after purchasing an additional 261 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in Core & Main by 145.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after purchasing an additional 269 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Barclays cut their target price 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 target 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. The Goldman Sachs Group restated a “neutral” rating and issued a $24.00 price objective on shares of Core & Main in a report on Thursday, June 11th. Finally, Citigroup reduced 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. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Core & Main presently has an average rating of “Moderate Buy” and a consensus target price of $57.73.

Core & Main Stock Performance

Shares of NYSE CNM opened at $48.98 on Friday. 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 stock has a 50 day moving average price of $48.96 and a 200 day moving average price of $52.03. The stock has a market capitalization of $9.48 billion, a PE ratio of 20.76, a price-to-earnings-growth ratio of 1.70 and a beta of 0.91. Core & Main, Inc. has a 52 week low of $43.96 and a 52 week high of $67.18.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Wednesday, June 10th. The company reported $0.72 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the previous year, the firm earned $0.52 EPS. The business’s quarterly revenue was down .1% on a year-over-year basis. Analysts predict that Core & Main, Inc. will post 3.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director James D. Hope acquired 1,972 shares of the firm’s stock in a transaction dated Tuesday, April 7th. The stock was bought 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 in the company, valued at approximately $351,807.30. The trade was a 39.70% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Robyn L. Bradbury sold 5,000 shares of the business’s stock in a transaction dated Friday, April 17th. The stock was 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 represents 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 currently owned by insiders.

Core & Main 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.