Bessemer Group Inc. Purchases 72,712 Shares of Core & Main, Inc. $CNM

Bessemer Group Inc. increased its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 2.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,663,161 shares of the company’s stock after acquiring an additional 72,712 shares during the period. Bessemer Group Inc.’s holdings in Core & Main were worth $131,561,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Morgan Stanley grew its stake 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 purchasing an additional 1,118,145 shares during the period. Capital World Investors lifted its holdings in shares of Core & Main by 5.8% during the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock valued at $327,034,000 after acquiring an additional 344,606 shares during the period. State Street Corp lifted its holdings in shares of Core & Main by 1.0% during the fourth quarter. State Street Corp now owns 5,733,516 shares of the company’s stock valued at $297,971,000 after acquiring an additional 54,562 shares during the period. Royal London Asset Management Ltd. boosted its stake in shares of Core & Main by 12.5% in the 4th 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 in the last quarter. Finally, First Trust Advisors LP boosted its stake 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 valued at $276,380,000 after purchasing an additional 1,482,235 shares in the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Trading Down 0.9%

Core & Main stock opened at $45.38 on Friday. The company has a market cap of $8.78 billion, a price-to-earnings ratio of 19.23, a P/E/G ratio of 1.59 and a beta of 0.91. The firm has a 50-day moving average of $47.73 and a 200-day moving average of $51.15. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.31 and a quick ratio of 1.31. Core & Main, Inc. has a one year low of $43.96 and a one year high of $67.18.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CNM shares. Deutsche Bank Aktiengesellschaft cut their target price 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. The Goldman Sachs Group reissued a “neutral” rating and set a $24.00 price objective on shares of Core & Main in a report on Thursday, June 11th. Barclays reduced their price target 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. Finally, Citigroup decreased their price objective on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a report 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. According to MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and an average price target of $57.73.

Insider Activity at Core & Main

In other news, Director James D. Hope purchased 2,067 shares of the business’s stock in a transaction on Monday, July 6th. The stock was purchased at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the purchase, the director directly owned 11,805 shares in the company, valued at $543,148.05. The trade was a 21.23% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.51% of the company’s stock.

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.