First Trust Advisors LP increased its stake in Core & Main, Inc. (NYSE:CNM – Free Report) by 15.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 6,130,840 shares of the company’s stock after purchasing an additional 812,770 shares during the quarter. First Trust Advisors LP’s holdings in Core & Main were worth $302,863,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CNM. Norges Bank bought a new stake in Core & Main during the fourth quarter worth approximately $108,265,000. Zurich Insurance Group Ltd FI bought a new position in shares of Core & Main in the third quarter valued at approximately $67,284,000. Morgan Stanley lifted its stake in shares of Core & Main by 8.3% in the fourth quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock worth $758,079,000 after buying an additional 1,118,145 shares during the last quarter. Schonfeld Strategic Advisors LLC lifted its stake in shares of Core & Main by 286.6% in the third quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company’s stock worth $74,276,000 after buying an additional 1,022,864 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Core & Main by 1,660.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 932,323 shares of the company’s stock worth $46,057,000 after buying an additional 879,360 shares during the period. 94.19% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Core & Main
In other news, Director James D. Hope purchased 2,067 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was purchased at an average cost of $46.01 per share, with a total value of $95,102.67. Following the acquisition, the director directly owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. This trade represents a 21.23% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 1.51% of the company’s stock.
Core & Main Stock Performance
Wall Street Analyst Weigh In
CNM has been the subject of a number of recent analyst reports. The Goldman Sachs Group restated a “neutral” rating and set a $24.00 price target on shares of Core & Main in a report on Thursday, June 11th. Barclays lowered their target price on Core & Main from $63.00 to $62.00 and set an “overweight” rating on the stock in a report on Wednesday, March 25th. Citigroup dropped their price target on Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a research report on Thursday, June 11th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a research 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.73.
Read Our Latest Analysis on Core & Main
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.
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