BNP Paribas Financial Markets Increases Stake in Core & Main, Inc. $CNM

Key Points

• BNP Paribas Financial Markets increased its Core & Main stake by 57% in the fourth quarter, buying an additional 176,705 shares and bringing its total to 486,620 shares valued at about $25.3 million.
• Institutional ownership remains very high, with 94.19% of Core & Main stock held by institutional investors and hedge funds. Several other firms also boosted their positions, including Capital World Investors and First Trust Advisors.
• Analysts remain broadly constructive on CNM despite some target price cuts: the stock has a Moderate Buy consensus rating with an average target price of $61.64, while shares recently traded around $52.41.

BNP Paribas Financial Markets grew its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 57.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 486,620 shares of the company's stock after acquiring an additional 176,705 shares during the quarter. BNP Paribas Financial Markets owned about 0.25% of Core & Main worth $25,290,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Capital World Investors increased its stake in shares of Core & Main by 294.9% in the 3rd quarter. Capital World Investors now owns 5,948,134 shares of the company's stock worth $320,188,000 after acquiring an additional 4,442,047 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Core & Main by 10.7% in the 3rd quarter. First Trust Advisors LP now owns 3,835,835 shares of the company's stock worth $206,483,000 after acquiring an additional 369,200 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Core & Main by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 3,645,108 shares of the company's stock worth $189,474,000 after acquiring an additional 84,657 shares during the last quarter. Impax Asset Management Group plc increased its stake in shares of Core & Main by 10.8% in the 4th quarter. Impax Asset Management Group plc now owns 2,872,595 shares of the company's stock worth $149,289,000 after acquiring an additional 279,373 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its stake in shares of Core & Main by 0.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,850,232 shares of the company's stock worth $153,428,000 after acquiring an additional 26,799 shares during the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CNM shares. Zacks Research downgraded Core & Main from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 9th. Deutsche Bank Aktiengesellschaft cut their target price on Core & Main from $65.00 to $62.00 and set a "buy" rating for the company in a research note on Wednesday, March 25th. Finally, Barclays cut their target price on Core & Main from $63.00 to $62.00 and set an "overweight" rating for the company in a research note on Wednesday, March 25th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Core & Main currently has an average rating of "Moderate Buy" and an average target price of $61.64.

Core & Main Stock Up 0.6%

Shares of NYSE:CNM opened at $52.41 on Friday. The business has a 50-day moving average price of $49.63 and a 200 day moving average price of $51.89. The company has a current ratio of 2.63, a quick ratio of 1.51 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $10.20 billion, a price-to-earnings ratio of 22.69, a PEG ratio of 1.87 and a beta of 0.91. Core & Main, Inc. has a 12-month low of $43.96 and a 12-month high of $67.18.

Insider Transactions at Core & Main

In other Core & Main news, Director James D. Hope acquired 1,972 shares of the business's stock in a transaction that occurred on Tuesday, April 7th. The stock was purchased at an average cost of $50.70 per share, with a total value of $99,980.40. Following the transaction, the director owned 6,939 shares of the company's stock, valued at $351,807.30. This trade represents a 39.70% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Robyn L. Bradbury sold 5,000 shares of the firm's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $52.54, for a total value of $262,700.00. Following the sale, the chief financial officer directly owned 12,500 shares of the company's stock, valued at $656,750. The trade was a 28.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.51% of the stock is currently owned by company insiders.

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.

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