Capital World Investors Grows Holdings in Core & Main, Inc. $CNM

Key Points

• Capital World Investors boosted its stake in Core & Main (NYSE:CNM) by 5.8% in the fourth quarter, ending with 6.29 million shares valued at about $327 million.
• Institutional ownership remains very high, with hedge funds and other investors controlling 94.19% of the company’s shares. Several firms also modestly increased their holdings during recent quarters.
• Recent insider activity was mixed: Director James D. Hope bought shares, while CFO Robyn L. Bradbury sold 5,000 shares under a pre-arranged trading plan. Analysts currently rate the stock Moderate Buy with an average price target of $61.64.

Capital World Investors increased its position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 5.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,292,740 shares of the company's stock after buying an additional 344,606 shares during the period. Capital World Investors owned about 3.22% of Core & Main worth $327,034,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CNM. Modern Wealth Management LLC grew its holdings in Core & Main by 5.8% during the 3rd quarter. Modern Wealth Management LLC now owns 3,970 shares of the company's stock worth $214,000 after acquiring an additional 218 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in Core & Main by 13.8% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,959 shares of the company's stock worth $109,000 after acquiring an additional 237 shares in the last quarter. Johnson Investment Counsel Inc. grew its holdings in Core & Main by 0.6% during the 3rd quarter. Johnson Investment Counsel Inc. now owns 43,070 shares of the company's stock worth $2,318,000 after acquiring an additional 244 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Core & Main by 145.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock worth $27,000 after acquiring an additional 269 shares in the last quarter. Finally, Steph & Co. grew its holdings in Core & Main by 36.6% during the 4th quarter. Steph & Co. now owns 1,037 shares of the company's stock worth $54,000 after acquiring an additional 278 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company's stock.

Core & Main Price Performance

NYSE:CNM opened at $52.22 on Tuesday. Core & Main, Inc. has a 1-year low of $43.96 and a 1-year high of $67.18. 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 firm has a fifty day simple moving average of $49.71 and a 200 day simple moving average of $51.99. The stock has a market capitalization of $10.16 billion, a PE ratio of 22.60, a P/E/G ratio of 1.87 and a beta of 0.91.

Insider Activity

In other news, Director James D. Hope purchased 1,972 shares of Core & Main stock in a transaction dated Tuesday, April 7th. The shares were bought at an average cost of $50.70 per share, for a total transaction of $99,980.40. Following the completion of the acquisition, the director owned 6,939 shares in the company, valued at approximately $351,807.30. This trade represents a 39.70% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robyn L. Bradbury sold 5,000 shares of the business's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $52.54, for a total transaction of $262,700.00. Following the completion of the transaction, the chief financial officer owned 12,500 shares in the company, valued at $656,750. This trade represents a 28.57% decrease in their position. 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 insiders.

Analyst Upgrades and Downgrades

CNM has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Core & Main from $65.00 to $62.00 and set a "buy" rating on the stock in a research report on Wednesday, March 25th. Zacks Research downgraded shares of Core & Main from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 9th. Finally, Barclays dropped their price target on shares of Core & Main from $63.00 to $62.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 25th. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $61.64.

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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