Core & Main, Inc. $CNM Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd cut its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 60.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,849 shares of the company’s stock after selling 12,220 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Core & Main were worth $388,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Core & Main during the 4th quarter worth $108,265,000. First Trust Advisors LP increased its stake in Core & Main by 38.6% in the fourth 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 during the period. Zurich Insurance Group Ltd FI acquired a new position in Core & Main in the third quarter valued at $67,284,000. Morgan Stanley increased its stake in Core & Main by 8.3% in the fourth 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. Finally, Schonfeld Strategic Advisors LLC raised its holdings 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 valued at $74,276,000 after buying an additional 1,022,864 shares during the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Core & Main Stock Up 1.0%

CNM opened at $45.17 on Wednesday. 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 12 month low of $43.96 and a 12 month high of $67.18. The stock has a market capitalization of $8.74 billion, a P/E ratio of 19.14, a P/E/G ratio of 1.55 and a beta of 0.91. The business has a 50 day simple moving average of $48.00 and a 200-day simple moving average of $51.32.

Insider Buying and Selling at Core & Main

In other Core & Main news, CFO Robyn L. Bradbury sold 5,000 shares of the business’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $52.54, for a total transaction of $262,700.00. Following the sale, the chief financial officer directly owned 12,500 shares in the company, valued at approximately $656,750. The trade was a 28.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope purchased 2,067 shares of the stock in a transaction dated Monday, July 6th. The shares were bought at an average cost of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the purchase, the director owned 11,805 shares in the company, valued at approximately $543,148.05. This trade represents a 21.23% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 1.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Barclays decreased their target price on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Wednesday, March 25th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $24.00 price objective on shares of Core & Main in a research note on Thursday, June 11th. Citigroup decreased their price objective on Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a research report on Thursday, June 11th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Core & Main from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.73.

Core & Main Company 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.