Zurcher Kantonalbank Zurich Cantonalbank Lowers Stake in Core & Main, Inc. $CNM

Zurcher Kantonalbank Zurich Cantonalbank cut its position in shares of Core & Main, Inc. (NYSE:CNM) by 76.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 360,404 shares of the company’s stock after selling 1,157,959 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Core & Main were worth $18,730,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CNM. EverSource Wealth Advisors LLC grew its holdings in Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after purchasing an additional 269 shares during the period. Whittier Trust Co. purchased a new stake in Core & Main in the fourth quarter valued at approximately $28,000. Cubist Systematic Strategies LLC grew its holdings in Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after purchasing an additional 524 shares during the period. Rothschild Investment LLC grew its holdings in Core & Main by 5,013.3% in the third quarter. Rothschild Investment LLC now owns 767 shares of the company’s stock valued at $41,000 after purchasing an additional 752 shares during the period. Finally, Wilmington Savings Fund Society FSB grew its holdings in Core & Main by 47.8% in the third quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock valued at $52,000 after purchasing an additional 311 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Price Performance

CNM opened at $48.91 on Thursday. The company has a quick ratio of 1.51, a current ratio of 2.63 and a debt-to-equity ratio of 1.02. Core & Main, Inc. has a 52-week low of $43.96 and a 52-week high of $67.18. The company has a 50 day moving average of $51.76 and a two-hundred day moving average of $52.45. The company has a market cap of $9.52 billion, a P/E ratio of 21.17, a P/E/G ratio of 1.80 and a beta of 1.00.

Insider Activity at Core & Main

In other Core & Main news, Director James D. Hope acquired 1,972 shares of the firm’s stock in a transaction on Tuesday, April 7th. The stock was bought at an average cost of $50.70 per share, for a total transaction of $99,980.40. Following the completion of the purchase, the director directly owned 6,939 shares in the company, valued at $351,807.30. This represents a 39.70% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Robyn L. Bradbury sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $52.54, for a total transaction of $262,700.00. Following the sale, the chief financial officer owned 12,500 shares of the company’s stock, valued at approximately $656,750. This represents a 28.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Zacks Research downgraded shares of Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Royal Bank Of Canada restated an “outperform” rating and issued a $63.00 target price on shares of Core & Main in a report on Friday, January 9th. Citigroup boosted their target price on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Finally, Barclays lowered their target price on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Wednesday, March 25th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.64.

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.