Caxton Associates LLP Acquires Shares of 59,434 Core & Main, Inc. $CNM

Key Points

• Caxton Associates LLP opened a new position in Core & Main during the first quarter, buying 59,434 shares valued at about $2.94 million.
• Institutional ownership remains very high, with 94.19% of Core & Main’s stock held by hedge funds and other institutional investors. Several large firms, including Morgan Stanley and First Trust Advisors, also increased their stakes recently.
• Insider activity was positive as well: Director James D. Hope bought 2,067 shares at $46.01 each, increasing his position by 21.23%.

Caxton Associates LLP bought a new position in Core & Main, Inc. (NYSE:CNM - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm bought 59,434 shares of the company's stock, valued at approximately $2,936,000.

A number of other large investors have also made changes to their positions in CNM. Morgan Stanley raised its holdings in shares of Core & Main by 8.3% during the 4th quarter. Morgan Stanley now owns 14,586,859 shares of the company's stock worth $758,079,000 after acquiring an additional 1,118,145 shares during the period. Capital World Investors grew its holdings in shares of Core & Main by 5.8% in the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company's stock valued at $327,034,000 after purchasing an additional 344,606 shares during the period. First Trust Advisors LP grew its holdings in shares of Core & Main by 15.3% in the first quarter. First Trust Advisors LP now owns 6,130,840 shares of the company's stock valued at $302,863,000 after purchasing an additional 812,770 shares during the period. State Street Corp increased its position in Core & Main by 1.0% during the fourth quarter. State Street Corp now owns 5,733,516 shares of the company's stock worth $297,971,000 after purchasing an additional 54,562 shares during the last quarter. Finally, Royal London Asset Management Ltd. increased its position in Core & Main by 12.5% during the fourth quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company's stock worth $295,636,000 after purchasing an additional 632,077 shares during the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Core & Main

In related news, Director James D. Hope bought 2,067 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was purchased at an average cost of $46.01 per share, with a total value of $95,102.67. Following the purchase, the director directly 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 purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.51% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on CNM. Citigroup decreased 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. William Blair started coverage on Core & Main in a report on Thursday. They issued a "market perform" rating on the stock. The Goldman Sachs Group reiterated a "neutral" rating and issued a $24.00 price objective on shares of Core & Main in a research report on Thursday, June 11th. Finally, Wall Street Zen raised Core & Main from a "hold" rating to a "buy" rating in a research note on Saturday. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Core & Main presently has a consensus rating of "Moderate Buy" and an average target price of $57.73.

Core & Main Price Performance

Core & Main stock opened at $43.69 on Friday. 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 $42.50 and a 52-week high of $67.18. The firm has a market cap of $8.45 billion, a PE ratio of 18.51, a price-to-earnings-growth ratio of 1.50 and a beta of 0.91. The company's 50 day moving average is $47.31 and its two-hundred day moving average is $50.83.

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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