Core & Main, Inc. $CNM Stake Lessened by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Core & Main stake by 74.6% in the third quarter, selling 271,359 shares and retaining 92,522 shares valued at approximately $3.84 million.
• Institutional ownership remains high at 94.19%, with several major investors—including First Trust Advisors, KBC Group, Dimensional Fund Advisors, and Bank of New York Mellon—adding to their positions.
• Core & Main reported quarterly earnings of $0.94 per share, exceeding estimates by $0.03, while revenue rose 2.5% year over year to $2.15 billion. Analysts maintain an overall “Hold” rating, with an average price target of $54.40 versus the stock’s $41.59 opening price.

Assenagon Asset Management S.A. lessened its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 74.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 92,522 shares of the company's stock after selling 271,359 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Core & Main were worth $3,838,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. First Trust Advisors LP boosted its position in Core & Main by 15.3% during the 1st quarter. First Trust Advisors LP now owns 6,130,840 shares of the company's stock worth $302,863,000 after purchasing an additional 812,770 shares during the period. KBC Group NV boosted its position in shares of Core & Main by 4.5% in the first quarter. KBC Group NV now owns 2,737,992 shares of the company's stock worth $135,257,000 after buying an additional 119,076 shares during the period. Bessemer Group Inc. grew its stake in shares of Core & Main by 2.8% in the first quarter. Bessemer Group Inc. now owns 2,663,161 shares of the company's stock valued at $131,561,000 after buying an additional 72,712 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Core & Main by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,661,022 shares of the company's stock valued at $131,425,000 after buying an additional 152,077 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Core & Main by 12.6% in the first quarter. Bank of New York Mellon Corp now owns 1,231,839 shares of the company's stock valued at $60,853,000 after buying an additional 138,115 shares in the last quarter. Institutional investors and hedge funds own 94.19% of the company's stock.

Analyst Ratings Changes

CNM has been the topic of several recent research reports. Wolfe Research reissued an "outperform" rating and set a $63.00 price target on shares of Core & Main in a research report on Tuesday, September 15th. Robert W. Baird decreased their price target on Core & Main from $66.00 to $57.00 and set an "outperform" rating for the company in a report on Thursday, September 10th. Wall Street Zen raised shares of Core & Main from a "hold" rating to a "buy" rating in a research report on Sunday. The Goldman Sachs Group reiterated a "neutral" rating and set a $53.00 price objective on shares of Core & Main in a research note on Thursday, September 10th. Finally, William Blair started coverage on shares of Core & Main in a research note on Thursday, July 23rd. They set a "market perform" rating on the stock. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $54.40.

Core & Main Stock Down 0.2%

Shares of NYSE:CNM opened at $41.59 on Wednesday. The firm has a market cap of $7.92 billion, a PE ratio of 17.11, a price-to-earnings-growth ratio of 1.74 and a beta of 0.91. The company has a fifty day simple moving average of $42.73 and a 200 day simple moving average of $46.11. The company has a current ratio of 2.47, a quick ratio of 1.51 and a debt-to-equity ratio of 1.16. Core & Main, Inc. has a 12-month low of $39.42 and a 12-month high of $59.66.

Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly earnings data on Wednesday, September 9th. The company reported $0.94 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.03. The firm had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.14 billion. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. The firm's revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.87 EPS. On average, equities research analysts anticipate that Core & Main, Inc. will post 3.00 EPS for the current fiscal year.

About Core & Main

Core & Main, Inc is a distributor of specialized products for public and private infrastructure in the United States. The company primarily serves municipalities, contractors, and other customers involved in water, wastewater, storm drainage, and fire protection projects.

Its product offerings include water, sewer, and storm drainage pipe; valves, hydrants, and related waterworks products; fire protection equipment; and geosynthetic and other stormwater management products. Core & Main also provides product expertise, technical support, and related services to help customers plan and complete infrastructure projects.

The company traces its roots to the waterworks distribution business formerly operated by HD Supply.

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