Bank of America Corp DE Reduces Stake in Core & Main, Inc. $CNM

Key Points

• Bank of America cut its Core & Main stake by 54.1% in the first quarter, selling 477,441 shares and retaining 405,500 shares worth approximately $20.0 million.
• Institutional investors own 94.19% of Core & Main, with Morgan Stanley, First Trust Advisors and Schonfeld Strategic Advisors among firms that recently increased their positions.
• CNM traded at $45.43, below its 52-week high of $67.18. Analysts maintain a “Moderate Buy” consensus with an average price target of $56.70, despite several recent neutral or hold-rating actions.

Bank of America Corp DE lessened its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 54.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 405,500 shares of the company's stock after selling 477,441 shares during the quarter. Bank of America Corp DE owned about 0.21% of Core & Main worth $20,032,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new position in Core & Main during the fourth quarter valued at $108,265,000. First Trust Advisors LP lifted its holdings in shares of Core & Main by 38.6% in the 4th quarter. First Trust Advisors LP now owns 5,318,070 shares of the company's stock valued at $276,380,000 after buying an additional 1,482,235 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in shares of Core & Main in the 3rd quarter valued at about $67,284,000. Morgan Stanley boosted its stake in shares of 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 buying an additional 1,118,145 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC boosted its stake in shares of 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 buying an additional 1,022,864 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company's stock.

Core & Main Price Performance

NYSE:CNM opened at $45.43 on Wednesday. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00. Core & Main, Inc. has a 52 week low of $41.88 and a 52 week high of $67.18. The stock's 50-day moving average price is $45.96 and its 200-day moving average price is $49.42. The stock has a market capitalization of $8.79 billion, a PE ratio of 19.25, a price-to-earnings-growth ratio of 1.58 and a beta of 0.92.

Analyst Ratings Changes

CNM has been the topic of several analyst reports. The Goldman Sachs Group reiterated a "neutral" rating and set a $24.00 price target on shares of Core & Main in a research report on Thursday, June 11th. Citigroup decreased their price target on Core & Main from $54.00 to $53.00 and set a "neutral" rating for the company in a report on Thursday, June 11th. Wall Street Zen cut shares of Core & Main from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, William Blair began coverage on shares of Core & Main in a research note on Thursday, July 23rd. They set a "market perform" rating on the stock. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Core & Main currently has an average rating of "Moderate Buy" and a consensus price target of $56.70.

Insider Transactions at Core & Main

In other Core & Main news, Director James D. Hope purchased 2,067 shares of the stock in a transaction on Monday, July 6th. The shares were bought at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the transaction, the director owned 11,805 shares of the company's stock, valued at $543,148.05. This trade represents a 21.23% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 1.51% of the company's stock.

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.

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