CI Investments Inc. Sells 31,423 Shares of Core & Main, Inc. $CNM

CI Investments Inc. decreased its position in Core & Main, Inc. (NYSE:CNM) by 8.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 358,166 shares of the company’s stock after selling 31,423 shares during the quarter. CI Investments Inc.’s holdings in Core & Main were worth $17,693,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. TD Waterhouse Canada Inc. bought a new stake in Core & Main in the fourth quarter worth $26,000. EverSource Wealth Advisors LLC lifted its position in Core & Main by 145.4% during 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 last quarter. Whittier Trust Co. purchased a new position in shares of Core & Main in the 4th quarter worth $28,000. Cubist Systematic Strategies LLC grew its stake in shares of Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after buying an additional 524 shares in the last quarter. Finally, Quarry LP bought a new stake in shares of Core & Main in the 4th quarter worth about $38,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director James D. Hope bought 2,067 shares of Core & Main stock in a transaction dated Monday, July 6th. The shares were acquired at an average cost of $46.01 per share, with a total value of $95,102.67. Following the completion of the transaction, the director owned 11,805 shares in the company, valued at $543,148.05. The trade was a 21.23% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.51% of the stock is owned by corporate insiders.

Core & Main Trading Up 0.9%

CNM opened at $43.75 on Thursday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.31 and a current ratio of 2.31. The stock’s 50 day moving average price is $47.48 and its 200-day moving average price is $50.95. Core & Main, Inc. has a one year low of $42.50 and a one year high of $67.18. The stock has a market cap of $8.47 billion, a price-to-earnings ratio of 18.54, a P/E/G ratio of 1.50 and a beta of 0.91.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft lowered their price target 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. Barclays reduced their price objective on Core & Main from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 25th. Citigroup dropped their target price on Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a report on Thursday, June 11th. Finally, 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. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.73.

About Core & Main

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.