Quantinno Capital Management LP Acquires 34,090 Shares of Core & Main, Inc. $CNM

Quantinno Capital Management LP grew its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 70.0% during the 1st quarter, HoldingsChannel reports. The fund owned 82,771 shares of the company’s stock after acquiring an additional 34,090 shares during the quarter. Quantinno Capital Management LP’s holdings in Core & Main were worth $4,089,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CNM. Norges Bank purchased a new stake in shares of Core & Main in the 4th quarter valued at $108,265,000. First Trust Advisors LP raised its position in Core & Main by 38.6% in the 4th quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock worth $276,380,000 after purchasing an additional 1,482,235 shares during the period. Zurich Insurance Group Ltd FI purchased a new position in Core & Main in the 3rd quarter worth $67,284,000. Morgan Stanley lifted 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 worth $758,079,000 after purchasing an additional 1,118,145 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC lifted its stake in Core & Main by 286.6% in the third quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company’s stock worth $74,276,000 after purchasing an additional 1,022,864 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

Core & Main Stock Performance

Core & Main stock opened at $46.56 on Friday. The stock’s 50 day simple moving average is $46.75 and its two-hundred day simple moving average is $50.03. 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 has a market cap of $9.01 billion, a price-to-earnings ratio of 19.73, a PEG ratio of 1.57 and a beta of 0.92. Core & Main, Inc. has a fifty-two week low of $41.88 and a fifty-two week high of $67.18.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CNM shares. Wall Street Zen lowered shares of Core & Main from a “buy” rating to a “hold” rating in a research report on Saturday. Citigroup lowered their target price on Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a research note on Thursday, June 11th. William Blair initiated coverage on Core & Main in a report on Thursday, July 23rd. They set a “market perform” rating for the company. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $24.00 price target on shares of Core & Main in a research report on Thursday, June 11th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and a consensus price target of $56.70.

Insider Activity

In other news, Director James D. Hope bought 2,067 shares of the stock in a transaction dated Monday, July 6th. The stock was bought 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 $543,148.05. This trade represents a 21.23% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.51% of the company’s stock.

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.