Jennison Associates LLC Trims Stake in Core & Main, Inc. $CNM

Jennison Associates LLC reduced its position in Core & Main, Inc. (NYSE:CNM) by 64.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 275,483 shares of the company’s stock after selling 500,109 shares during the quarter. Jennison Associates LLC owned 0.14% of Core & Main worth $13,609,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CNM. Norges Bank bought a new position in shares of Core & Main during the fourth quarter valued at approximately $108,265,000. First Trust Advisors LP boosted its holdings in Core & Main by 38.6% during the 4th quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock valued at $276,380,000 after acquiring an additional 1,482,235 shares during the period. Zurich Insurance Group Ltd FI purchased a new position in Core & Main during the 3rd quarter valued at $67,284,000. Morgan Stanley boosted its holdings in Core & Main by 8.3% during the 4th quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock valued at $758,079,000 after acquiring an additional 1,118,145 shares during the period. Finally, Schonfeld Strategic Advisors LLC grew its position in Core & Main by 286.6% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company’s stock valued at $74,276,000 after acquiring an additional 1,022,864 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Stock Down 1.2%

Shares of NYSE:CNM opened at $43.32 on Wednesday. The business’s 50 day moving average is $47.55 and its 200 day moving average is $51.01. The stock has a market cap of $8.38 billion, a P/E ratio of 18.36, a price-to-earnings-growth ratio of 1.52 and a beta of 0.91. Core & Main, Inc. has a 52-week low of $42.50 and a 52-week 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.

Insider Buying and Selling at Core & Main

In other news, Director James D. Hope purchased 2,067 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were acquired 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 of the company’s stock, valued at $543,148.05. This represents a 21.23% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.51% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. 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 note on Thursday, June 11th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Barclays cut their price target on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating on the stock in a report on Wednesday, March 25th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $24.00 price target on shares of Core & Main in a research note on Thursday, June 11th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the 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 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.