Bank of New York Mellon Corp Grows Stake in Core & Main, Inc. $CNM

Bank of New York Mellon Corp boosted its stake in shares of Core & Main, Inc. (NYSE:CNM) by 12.6% during the 1st quarter, HoldingsChannel reports. The fund owned 1,231,839 shares of the company’s stock after purchasing an additional 138,115 shares during the period. Bank of New York Mellon Corp’s holdings in Core & Main were worth $60,853,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CNM. Assenagon Asset Management S.A. increased its holdings in shares of Core & Main by 881.9% in the 4th 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 during the period. KBC Group NV grew its stake in Core & Main by 11.6% in the fourth quarter. KBC Group NV now owns 2,618,916 shares of the company’s stock valued at $136,105,000 after purchasing an additional 272,258 shares during the last quarter. Impax Asset Management Group plc raised its holdings in Core & Main by 10.8% in the fourth quarter. Impax Asset Management Group plc now owns 2,872,595 shares of the company’s stock worth $149,289,000 after purchasing an additional 279,373 shares in the last quarter. Thomasville National Bank bought a new position in Core & Main in the fourth quarter worth about $11,112,000. Finally, Oak Thistle LLC purchased a new stake in shares of Core & Main during the fourth quarter valued at about $509,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Core & Main

In other news, Director James D. Hope purchased 2,067 shares of the 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 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.51% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Barclays cut their price objective on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 25th. Citigroup reduced 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. The Goldman Sachs Group reiterated a “neutral” rating and issued a $24.00 price target on shares of Core & Main in a research note on Thursday, June 11th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target 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 research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.73.

Core & Main Trading Up 0.9%

NYSE:CNM opened at $43.75 on Thursday. The company has a market capitalization of $8.47 billion, a P/E ratio of 18.54, a PEG ratio of 1.50 and a beta of 0.91. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.00. Core & Main, Inc. has a 12 month low of $42.50 and a 12 month high of $67.18. The firm has a fifty day simple moving average of $47.48 and a 200-day simple moving average of $50.95.

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.