Renaissance Technologies LLC Invests $40.22 Million in Core & Main, Inc. $CNM

Renaissance Technologies LLC bought a new position in Core & Main, Inc. (NYSE:CNM) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 814,100 shares of the company’s stock, valued at approximately $40,217,000. Renaissance Technologies LLC owned about 0.42% of Core & Main as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership purchased a new position in Core & Main in the 1st quarter worth about $846,000. Caxton Associates LLP purchased a new stake in Core & Main during the first quarter valued at about $2,936,000. Walleye Capital LLC lifted its stake in Core & Main by 25,564.2% during the first quarter. Walleye Capital LLC now owns 127,321 shares of the company’s stock valued at $6,290,000 after buying an additional 127,821 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Core & Main by 15.3% in the first quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock worth $302,863,000 after buying an additional 812,770 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Core & Main by 23.9% in the first quarter. PNC Financial Services Group Inc. now owns 10,200 shares of the company’s stock worth $504,000 after buying an additional 1,969 shares during the period. 94.19% of the stock is owned by institutional investors and hedge funds.

Core & Main Price Performance

Shares of CNM opened at $43.63 on Tuesday. The business’s 50-day moving average is $47.26 and its 200-day moving average is $50.71. 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 company has a market capitalization of $8.44 billion, a price-to-earnings ratio of 18.49, a P/E/G ratio of 1.51 and a beta of 0.91. Core & Main, Inc. has a fifty-two week low of $42.50 and a fifty-two week high of $67.18.

Wall Street Analysts Forecast Growth

CNM has been the topic of a number of recent analyst reports. William Blair initiated coverage on shares of Core & Main in a report on Thursday. They set a “market perform” rating on the stock. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $24.00 price objective on shares of Core & Main in a research note on Thursday, June 11th. Wall Street Zen upgraded shares of Core & Main from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Citigroup cut 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. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and an average price target of $56.70.

Insiders Place Their Bets

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