Key Points
- Core & Main director James Hope bought 2,067 shares on July 6 at an average price of $46.01, spending about $95,103. The purchase lifted his holdings to 11,805 shares, a 21.23% increase in ownership.
- CNM shares were little changed after the disclosure, opening at $45.78 and trading near the stock’s recent range, with a 52-week low of $43.96 and high of $67.18.
- Wall Street remains mixed but cautiously positive on Core & Main, with seven Buy ratings, five Hold ratings, and a consensus price target of $57.73. Institutional ownership is also high, with hedge funds and other investors holding 94.19% of the stock.
Core & Main, Inc. (NYSE:CNM - Get Free Report) Director James Hope purchased 2,067 shares of the firm's stock in a transaction on Monday, July 6th. The stock was bought at an average price of $46.01 per share, with a total value of $95,102.67. Following the acquisition, the director owned 11,805 shares in the company, valued at $543,148.05. This trade represents a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Core & Main Stock Up 0.1%
Shares of NYSE:CNM opened at $45.78 on Thursday. The company has a market capitalization of $8.86 billion, a price-to-earnings ratio of 19.40, a price-to-earnings-growth ratio of 1.59 and a beta of 0.91. The company has a 50 day moving average of $48.34 and a two-hundred day moving average of $51.56. Core & Main, Inc. has a 52-week low of $43.96 and a 52-week high of $67.18. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00.
Analyst Ratings Changes
A number of research firms recently weighed in on CNM. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $24.00 price target on shares of Core & Main in a report on Thursday, June 11th. Citigroup cut their price objective on shares of Core & Main from $54.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft decreased their price objective 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. Finally, Barclays lowered their target price on Core & Main from $63.00 to $62.00 and set an "overweight" rating for the company in a research note on Wednesday, March 25th. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $57.73.
Check Out Our Latest Stock Report on CNM
Hedge Funds Weigh In On Core & Main
A number of institutional investors have recently made changes to their positions in CNM. Assenagon Asset Management S.A. raised its holdings in Core & Main by 881.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 52,963 shares of the company's stock valued at $2,752,000 after acquiring an additional 47,569 shares in the last quarter. Procyon Advisors LLC acquired a new position in Core & Main during the 4th quarter worth $1,779,000. Hudson Bay Capital Management LP acquired a new position in Core & Main during the 3rd quarter worth $14,441,000. KBC Group NV increased its position in shares of Core & Main by 11.6% in the 4th quarter. KBC Group NV now owns 2,618,916 shares of the company's stock worth $136,105,000 after purchasing an additional 272,258 shares during the last quarter. Finally, HighVista Strategies LLC bought a new stake in shares of Core & Main in the 3rd quarter worth about $1,502,000. 94.19% of the stock is owned by institutional investors and hedge funds.
Core & Main Company Profile
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Get Free Report)
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.
Further Reading
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