Hsbc Holdings PLC Lowers Stake in Core & Main, Inc. $CNM

Key Points

• HSBC Holdings PLC reduced its stake in Core & Main by 37.8% in the first quarter, selling 78,100 shares and ending with 128,258 shares worth about $6.34 million.
• Institutional ownership remains high, with hedge funds and other institutional investors holding 94.19% of the company’s stock. Several firms added to their positions during the quarter, while others trimmed or initiated new stakes.
• Insider buying and analyst sentiment were mixed: Director James D. Hope bought 2,067 shares, but analysts remain cautious overall, with a consensus rating of “Moderate Buy” and an average price target of $57.73.

Hsbc Holdings PLC lessened its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 37.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 128,258 shares of the company's stock after selling 78,100 shares during the period. Hsbc Holdings PLC owned about 0.07% of Core & Main worth $6,336,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Granite Investment Partners LLC boosted its position in shares of Core & Main by 12.7% during the first quarter. Granite Investment Partners LLC now owns 5,751 shares of the company's stock worth $284,000 after buying an additional 648 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in Core & Main by 2.4% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 38,757 shares of the company's stock worth $1,915,000 after acquiring an additional 900 shares in the last quarter. Lmcg Investments LLC lifted its stake in Core & Main by 6.0% during the 1st quarter. Lmcg Investments LLC now owns 116,353 shares of the company's stock worth $5,748,000 after acquiring an additional 6,606 shares in the last quarter. R Squared Ltd purchased a new position in Core & Main during the 1st quarter valued at about $426,000. Finally, Praxis Investment Management Inc. acquired a new position in Core & Main in the 1st quarter valued at about $288,000. Hedge funds and other institutional investors own 94.19% of the company's stock.

Insider Buying and Selling

In other Core & Main news, Director James D. Hope bought 2,067 shares of the company's stock in a transaction that occurred on Monday, July 6th. The shares were purchased at an average price of $46.01 per share, with a total value of $95,102.67. Following the completion of the acquisition, the director directly owned 11,805 shares of the company's stock, valued at $543,148.05. This represents a 21.23% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.51% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CNM shares. The Goldman Sachs Group reiterated a "neutral" rating and issued a $24.00 target price on shares of Core & Main in a report on Thursday, June 11th. William Blair initiated coverage on Core & Main in a research report on Thursday. They issued a "market perform" rating on the stock. Finally, Citigroup decreased their price objective on 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 six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $57.73.

Core & Main Trading Down 1.5%

Shares of NYSE:CNM opened at $43.10 on Friday. Core & Main, Inc. has a 52 week low of $42.50 and a 52 week high of $67.18. The company's 50 day moving average is $47.38 and its two-hundred day moving average is $50.88. The company has a market cap of $8.34 billion, a PE ratio of 18.26, a P/E/G ratio of 1.52 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.

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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