Cullen Capital Management LLC Makes New Investment in Core & Main, Inc. $CNM

Cullen Capital Management LLC acquired a new stake in shares of Core & Main, Inc. (NYSE:CNM) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 13,330 shares of the company’s stock, valued at approximately $643,000.

Other large investors also recently modified their holdings of the company. Morgan Stanley lifted its position in shares of Core & Main by 8.3% during the 4th quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock worth $758,079,000 after buying an additional 1,118,145 shares during the period. Capital World Investors grew its position in Core & Main by 5.8% in the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock valued at $327,034,000 after acquiring an additional 344,606 shares during the period. First Trust Advisors LP raised its stake in Core & Main by 15.3% during the first quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock worth $302,863,000 after acquiring an additional 812,770 shares in the last quarter. State Street Corp raised its stake in Core & Main by 1.0% during the fourth quarter. State Street Corp now owns 5,733,516 shares of the company’s stock worth $297,971,000 after acquiring an additional 54,562 shares in the last quarter. Finally, Royal London Asset Management Ltd. lifted its holdings in shares of Core & Main by 12.5% during the fourth quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company’s stock valued at $295,636,000 after acquiring an additional 632,077 shares during the period. 94.19% of the stock is currently owned by institutional investors.

Insider Transactions at Core & Main

In other Core & Main news, Director James D. Hope bought 2,067 shares of the stock in a transaction on Monday, July 6th. The stock was purchased at an average price of $46.01 per share, with a total value of $95,102.67. Following the acquisition, the director owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. The trade was a 21.23% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.51% of the company’s stock.

Core & Main Trading Down 0.5%

Shares of CNM opened at $44.16 on Wednesday. The stock’s fifty day simple moving average is $45.57 and its 200-day simple moving average is $49.07. The firm has a market capitalization of $8.54 billion, a PE ratio of 18.71, a price-to-earnings-growth ratio of 1.53 and a beta of 0.92. Core & Main, Inc. has a 12-month low of $41.88 and a 12-month high of $67.18. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. William Blair began coverage on shares of Core & Main in a research note on Thursday, July 23rd. They issued a “market perform” rating on the stock. Wall Street Zen downgraded shares of Core & Main from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Citigroup decreased their price objective on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a research note on Thursday, June 11th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $24.00 price objective 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 issued a Hold rating to the stock. According to data from MarketBeat, Core & Main has an average rating of “Moderate Buy” and an average target price of $56.70.

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.