Bornite Capital Management LP Acquires Shares of 759,000 Core & Main, Inc. $CNM

Key Points

• Bornite Capital Management acquired 759,000 shares of Core & Main, valued at approximately $36.6 million, giving it a 0.39% stake and making CNM about 4.6% of the fund’s portfolio.
• Institutional ownership remains high at 94.19%, with several other funds initiating or increasing positions during the second quarter. Director James D. Hope also purchased 2,067 shares, increasing his ownership by 21.23%.
• Analyst sentiment is mixed but leans positive: Core & Main has a “Moderate Buy” consensus rating and a $56.70 average price target, compared with shares opening at $42.05 and a one-year range of $41.87 to $67.18.

Bornite Capital Management LP acquired a new position in Core & Main, Inc. (NYSE:CNM - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 759,000 shares of the company's stock, valued at approximately $36,622,000. Core & Main comprises about 4.6% of Bornite Capital Management LP's portfolio, making the stock its 16th biggest position. Bornite Capital Management LP owned about 0.39% of Core & Main as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CNM. Wellington Management Group LLP boosted its holdings in Core & Main by 52.5% in the 2nd quarter. Wellington Management Group LLP now owns 251,724 shares of the company's stock worth $12,146,000 after buying an additional 86,672 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Core & Main during the second quarter worth about $3,044,000. Cullen Capital Management LLC bought a new position in Core & Main in the 2nd quarter worth about $643,000. Madison Asset Management LLC bought a new position in shares of Core & Main in the second quarter worth approximately $5,590,000. Finally, Foster & Motley Inc. bought a new position in shares of Core & Main in the 2nd quarter worth $1,282,000. Institutional investors own 94.19% of the company's stock.

Insider Activity

In other news, Director James D. Hope bought 2,067 shares of the firm's stock in a transaction that occurred on Monday, July 6th. The shares were bought at an average cost of $46.01 per share, with a total value of $95,102.67. Following the completion of the purchase, the director directly owned 11,805 shares in the company, valued at $543,148.05. This represents a 21.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.51% of the company's stock.

Analyst Upgrades and Downgrades

CNM has been the topic of several recent research reports. William Blair started coverage on Core & Main in a research report on Thursday, July 23rd. They set a "market perform" rating on the stock. Northcoast Research downgraded shares of Core & Main from a "buy" rating to a "neutral" rating in a research note on Wednesday, August 26th. 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. 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, Citigroup reduced their target price on shares of Core & Main from $54.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, June 11th. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $56.70.

Core & Main Price Performance

Shares of Core & Main stock opened at $42.05 on Wednesday. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.31 and a quick ratio of 1.31. Core & Main, Inc. has a one year low of $41.87 and a one year high of $67.18. The business's 50 day simple moving average is $45.13 and its two-hundred day simple moving average is $48.57. The stock has a market capitalization of $8.14 billion, a P/E ratio of 17.82, a price-to-earnings-growth ratio of 1.48 and a beta of 0.91.

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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