Core & Main, Inc. $CNM Shares Sold by UBS Group AG

Key Points

• UBS Group AG cut its Core & Main stake by 35.3% in the fourth quarter, selling 266,265 shares and ending with 487,344 shares worth about $25.3 million.
• Other institutional investors also adjusted positions in CNM, and overall institutional ownership remains high at 94.19%.
• Analysts remain mostly constructive on the stock: Core & Main has a Moderate Buy consensus rating, with an average target price of $61.64, though several firms recently trimmed price targets.

UBS Group AG decreased its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 35.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 487,344 shares of the company's stock after selling 266,265 shares during the quarter. UBS Group AG owned about 0.25% of Core & Main worth $25,327,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CNM. 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 holdings in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock valued at $27,000 after purchasing an additional 269 shares during the last quarter. Whittier Trust Co. purchased a new stake in shares of Core & Main during the fourth quarter valued at $28,000. Cubist Systematic Strategies LLC lifted its holdings in shares of Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after purchasing an additional 524 shares during the last quarter. Finally, Rothschild Investment LLC lifted its holdings in shares of Core & Main by 5,013.3% during the third quarter. Rothschild Investment LLC now owns 767 shares of the company's stock valued at $41,000 after purchasing an additional 752 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company's stock.

Analyst Upgrades and Downgrades

CNM has been the topic of a number of analyst reports. Barclays lowered 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. Deutsche Bank Aktiengesellschaft lowered their price objective on Core & Main from $65.00 to $62.00 and set a "buy" rating on the stock in a report on Wednesday, March 25th. Zacks Research lowered Core & Main from a "strong-buy" rating to a "hold" rating in a report on Monday, February 9th. Finally, Wells Fargo & Company increased their price objective on Core & Main from $57.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday, January 14th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $61.64.

Insiders Place Their Bets

In other Core & Main news, CFO Robyn L. Bradbury sold 5,000 shares of the company's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $52.54, for a total value of $262,700.00. Following the sale, the chief financial officer directly owned 12,500 shares in the company, valued at $656,750. This represents a 28.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope purchased 1,972 shares of the stock in a transaction 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 transaction, the director directly owned 6,939 shares of the company's stock, valued at approximately $351,807.30. This trade represents a 39.70% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 1.51% of the company's stock.

Core & Main Price Performance

Shares of CNM stock opened at $49.09 on Monday. The stock has a 50 day moving average of $50.47 and a two-hundred day moving average of $52.36. Core & Main, Inc. has a 12 month low of $43.96 and a 12 month high of $67.18. The company has a market capitalization of $9.56 billion, a P/E ratio of 21.25, a P/E/G ratio of 1.77 and a beta of 0.93. The company has a current ratio of 2.63, a quick ratio of 1.51 and a debt-to-equity ratio of 1.02.

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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