Hsbc Holdings PLC Reduces Stock Holdings in Core & Main, Inc. $CNM

Hsbc Holdings PLC lowered its stake in shares of Core & Main, Inc. (NYSE:CNM) by 37.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 128,258 shares of the company’s stock after selling 78,100 shares during the quarter. Hsbc Holdings PLC’s holdings in Core & Main were worth $6,336,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Granite Investment Partners LLC boosted its holdings in shares of Core & Main by 12.7% in the 1st quarter. Granite Investment Partners LLC now owns 5,751 shares of the company’s stock valued at $284,000 after buying an additional 648 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of Core & Main by 2.4% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 38,757 shares of the company’s stock valued at $1,915,000 after buying an additional 900 shares during the last quarter. Lmcg Investments LLC raised its stake in Core & Main by 6.0% during the 1st quarter. Lmcg Investments LLC now owns 116,353 shares of the company’s stock worth $5,748,000 after acquiring an additional 6,606 shares in the last quarter. R Squared Ltd acquired a new stake in Core & Main during the 1st quarter worth $426,000. Finally, Praxis Investment Management Inc. purchased a new stake in Core & Main in the first quarter valued at $288,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Insider Buying and Selling

In other Core & Main news, Director James D. Hope purchased 2,067 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was purchased at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the purchase, the director directly 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.51% of the stock is currently owned by company insiders.

Core & Main Stock Performance

Shares of CNM opened at $43.10 on Friday. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.00. The firm has a market cap of $8.34 billion, a PE ratio of 18.26, a price-to-earnings-growth ratio of 1.52 and a beta of 0.91. The company’s 50 day simple moving average is $47.38 and its 200-day simple moving average is $50.88. Core & Main, Inc. has a 12-month low of $42.50 and a 12-month high of $67.18.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. William Blair initiated coverage on shares of Core & Main in a research note on Thursday. They issued a “market perform” rating for the company. Citigroup cut their target price 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, The Goldman Sachs Group reissued a “neutral” rating and issued a $24.00 target price on shares of Core & Main in a report on Thursday, June 11th. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.73.

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.