Core & Main, Inc. $CNM Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. sharply increased its stake in Core & Main, boosting holdings by 1,660.3% in the first quarter to 932,323 shares, worth about $46.1 million.
• Core & Main reported better-than-expected quarterly earnings, with EPS of $0.72 versus the $0.53 consensus estimate and revenue of $1.91 billion, slightly ahead of expectations.
• Analysts remain broadly positive on CNM, with a Moderate Buy consensus and an average price target of $57.73, though several firms have recently trimmed their targets.

Assenagon Asset Management S.A. lifted its position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 1,660.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 932,323 shares of the company's stock after buying an additional 879,360 shares during the period. Assenagon Asset Management S.A. owned approximately 0.48% of Core & Main worth $46,057,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CNM. EverSource Wealth Advisors LLC increased its position in shares of 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 purchasing an additional 269 shares during the last quarter. TD Waterhouse Canada Inc. acquired a new position in shares of Core & Main in the 4th quarter worth approximately $26,000. Whittier Trust Co. purchased a new position in shares of Core & Main during the 4th quarter worth approximately $28,000. Cubist Systematic Strategies LLC boosted its position in shares of Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after purchasing an additional 524 shares during the period. Finally, Quarry LP acquired a new stake in Core & Main in the 4th quarter valued at approximately $38,000. Hedge funds and other institutional investors own 94.19% of the company's stock.

Insider Buying and Selling

In other news, Director James D. Hope purchased 1,972 shares of the firm's stock in a transaction that occurred on Tuesday, April 7th. The stock was bought at an average price of $50.70 per share, for a total transaction of $99,980.40. Following the completion of the purchase, the director directly owned 6,939 shares of the company's stock, valued at $351,807.30. The trade was a 39.70% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Robyn L. Bradbury sold 5,000 shares of Core & Main stock in a transaction 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 sale, the chief financial officer directly owned 12,500 shares of the company's stock, valued at approximately $656,750. This trade represents 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 corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CNM shares. Citigroup cut their target price on Core & Main from $54.00 to $53.00 and set a "neutral" rating on the stock in a research report on Thursday, June 11th. Barclays cut their price objective on Core & Main from $63.00 to $62.00 and set an "overweight" rating on the stock in a report on Wednesday, March 25th. The Goldman Sachs Group restated a "neutral" rating and set a $24.00 target price on shares of Core & Main in a report on Thursday, June 11th. Finally, Deutsche Bank Aktiengesellschaft cut 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 note on Wednesday, March 25th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, Core & Main has an average rating of "Moderate Buy" and an average price target of $57.73.

Core & Main Stock Up 2.3%

Shares of NYSE CNM opened at $48.22 on Friday. The stock has a market cap of $9.33 billion, a P/E ratio of 20.43, a PEG ratio of 1.63 and a beta of 0.91. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.00. Core & Main, Inc. has a 12-month low of $43.96 and a 12-month high of $67.18. The business's fifty day simple moving average is $49.05 and its 200-day simple moving average is $52.05.

Core & Main (NYSE:CNM - Get Free Report) last released its earnings results on Wednesday, June 10th. The company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.53 by $0.19. Core & Main had a return on equity of 26.17% and a net margin of 5.87%.The firm had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.89 billion. During the same period in the previous year, the firm posted $0.52 EPS. Core & Main's revenue for the quarter was down .1% on a year-over-year basis. As a group, equities analysts predict that Core & Main, Inc. will post 3.06 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.