Core & Main (NYSE:CNM) Director Buys 2,067 Shares

Key Points

• Core & Main director James Hope bought 2,067 shares on July 6 at an average price of $46.01, spending about $95,103. After the purchase, he owned 11,805 shares, a 21.23% increase in his stake.
• CNM shares were slightly higher, trading up 0.1% to $45.78, near the lower end of their 52-week range of $43.96 to $67.18. The stock has a market cap of $8.86 billion and trades below both its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed but constructive, with seven Buy ratings and five Hold ratings, resulting in a consensus rating of “Moderate Buy.” The average price target is $57.73, above the current share price.

Core & Main, Inc. (NYSE:CNM - Get Free Report) Director James Hope purchased 2,067 shares of the firm's stock in a transaction on 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 acquisition, the director owned 11,805 shares in the company, valued at $543,148.05. The trade was a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Core & Main Trading Up 0.1%

Shares of NYSE CNM traded up $0.03 during trading on Wednesday, hitting $45.78. 2,117,795 shares of the company traded hands, compared to its average volume of 2,485,866. The firm has a market capitalization of $8.86 billion, a P/E ratio of 19.40, a P/E/G ratio of 1.59 and a beta of 0.91. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00. The company has a 50-day moving average price of $48.43 and a 200-day moving average price of $51.62. Core & Main, Inc. has a 1 year low of $43.96 and a 1 year high of $67.18.

Institutional Trading of Core & Main

A number of institutional investors have recently added to or reduced their stakes in CNM. Assenagon Asset Management S.A. lifted its position in Core & Main by 881.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 52,963 shares of the company's stock worth $2,752,000 after acquiring an additional 47,569 shares in the last quarter. Procyon Advisors LLC acquired a new stake in Core & Main in the fourth quarter valued at approximately $1,779,000. Hudson Bay Capital Management LP acquired a new stake in Core & Main in the third quarter valued at approximately $14,441,000. KBC Group NV raised its stake in shares of Core & Main by 11.6% during 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 period. Finally, HighVista Strategies LLC purchased a new stake in shares of Core & Main during the third quarter valued at approximately $1,502,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CNM shares. Citigroup lowered their price target on Core & Main from $54.00 to $53.00 and set a "neutral" rating for the company in a research report on Thursday, June 11th. The Goldman Sachs Group restated a "neutral" rating and issued a $24.00 price objective on shares of Core & Main in a report on Thursday, June 11th. Barclays reduced their price objective on Core & Main from $63.00 to $62.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 25th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Core & Main from $65.00 to $62.00 and set a "buy" rating for the company in a report on Wednesday, March 25th. Seven 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 company has a consensus rating of "Moderate Buy" and a consensus price target of $57.73.

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.

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