Core & Main, Inc. $CNM Shares Purchased by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management increased its Core & Main position by 25.2% in the second quarter, bringing its holdings to 268,079 shares valued at approximately $12.9 million. Institutional investors and hedge funds collectively own 94.19% of the company.
• Director James D. Hope purchased 2,067 shares for roughly $95,103, increasing his direct ownership by 21.23%; insiders own 1.51% of Core & Main.
• Analysts maintain a generally positive outlook, with seven Buy and five Hold ratings, an overall “Moderate Buy” consensus, and an average price target of $56.70 versus the stock’s recent price near $46.03.

Wedge Capital Management L L P NC raised its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 25.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 268,079 shares of the company's stock after purchasing an additional 53,922 shares during the quarter. Wedge Capital Management L L P NC owned 0.14% of Core & Main worth $12,935,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. acquired a new stake in shares of Core & Main in the fourth quarter valued at $26,000. EverSource Wealth Advisors LLC lifted its stake 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. Whittier Trust Co. acquired a new position in Core & Main during the 4th quarter worth about $28,000. Cubist Systematic Strategies LLC boosted its holdings in Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after acquiring an additional 524 shares during the period. Finally, Quarry LP purchased a new position in Core & Main during the 4th quarter valued at about $38,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director James D. Hope purchased 2,067 shares of the business's stock in a transaction on Monday, July 6th. The shares were bought at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the acquisition, the director directly owned 11,805 shares in the company, valued at $543,148.05. This trade represents a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.51% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on CNM. Wall Street Zen downgraded Core & Main from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. William Blair initiated coverage on shares of Core & Main in a research note on Thursday, July 23rd. They issued a "market perform" rating for the company. 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. Finally, Citigroup dropped their price objective on shares of Core & Main from $54.00 to $53.00 and set a "neutral" rating for the company in a report on Thursday, June 11th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Core & Main has an average rating of "Moderate Buy" and an average target price of $56.70.

Core & Main Stock Down 1.3%

Shares of NYSE CNM opened at $46.03 on Thursday. The stock has a market cap of $8.91 billion, a P/E ratio of 19.50, a PEG ratio of 1.61 and a beta of 0.92. 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 $41.88 and a 12-month high of $67.18. The business's fifty day simple moving average is $46.49 and its 200-day simple moving average is $49.73.

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.

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