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

Key Points

• Assenagon Asset Management cut its Core & Main stake by 61% in the second quarter, selling 568,442 shares and retaining 363,881 shares worth approximately $17.6 million.
• Institutional investors own 94.19% of Core & Main, with several major firms—including First Trust Advisors, Morgan Stanley and Schonfeld Strategic Advisors—boosting their holdings.
• Core & Main shares opened at $46.25, near the lower end of their 52-week range. Analysts maintain a “Moderate Buy” consensus with an average price target of $56.70, while one director recently purchased shares.

Assenagon Asset Management S.A. lessened its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 61.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 363,881 shares of the company's stock after selling 568,442 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.19% of Core & Main worth $17,557,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Core & Main during the fourth quarter worth approximately $108,265,000. First Trust Advisors LP lifted its stake in shares of Core & Main by 38.6% during the 4th quarter. First Trust Advisors LP now owns 5,318,070 shares of the company's stock worth $276,380,000 after purchasing an additional 1,482,235 shares during the period. Zurich Insurance Group Ltd FI purchased a new position in shares of Core & Main during the 3rd quarter worth $67,284,000. Morgan Stanley boosted its holdings in shares of Core & Main by 8.3% during the fourth quarter. Morgan Stanley now owns 14,586,859 shares of the company's stock worth $758,079,000 after purchasing an additional 1,118,145 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC boosted its holdings in shares of Core & Main by 286.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company's stock worth $74,276,000 after purchasing an additional 1,022,864 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company's stock.

Core & Main Stock Down 0.6%

Shares of NYSE CNM opened at $46.25 on Tuesday. The stock has a market capitalization of $8.95 billion, a PE ratio of 19.60, a P/E/G ratio of 1.60 and a beta of 0.92. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00. The firm has a fifty day moving average of $46.69 and a 200-day moving average of $49.90. Core & Main, Inc. has a 52-week low of $41.88 and a 52-week high of $67.18.

Insider Buying and Selling at Core & Main

In other Core & Main news, Director James D. Hope purchased 2,067 shares of the firm's 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 transaction, the director owned 11,805 shares in the company, valued at approximately $543,148.05. This trade represents a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.51% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CNM shares. William Blair started coverage on Core & Main in a research report on Thursday, July 23rd. They issued a "market perform" rating for the company. Wall Street Zen cut Core & Main from a "buy" rating to a "hold" rating in a report on Saturday. The Goldman Sachs Group restated a "neutral" rating and issued a $24.00 price target 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 research note on Thursday, June 11th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.70.

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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