Jennison Associates LLC Invests $54.74 Million in Core & Main, Inc. (NYSE:CNM)

Jennison Associates LLC bought a new stake in Core & Main, Inc. (NYSE:CNM - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,133,140 shares of the company's stock, valued at approximately $54,742,000. Jennison Associates LLC owned 0.57% of Core & Main as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. CWM LLC raised its stake in Core & Main by 34.0% during the 1st quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after purchasing an additional 213 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Core & Main by 3.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock valued at $343,000 after purchasing an additional 229 shares during the last quarter. Crossmark Global Holdings Inc. increased its stake in Core & Main by 2.6% during the first quarter. Crossmark Global Holdings Inc. now owns 10,902 shares of the company's stock worth $527,000 after acquiring an additional 272 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in Core & Main by 30.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company's stock valued at $61,000 after purchasing an additional 278 shares during the period. Finally, State of Alaska Department of Revenue increased its position in shares of Core & Main by 1.5% during the first quarter. State of Alaska Department of Revenue now owns 22,285 shares of the company's stock worth $1,076,000 after purchasing an additional 330 shares in the last quarter. 94.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CNM has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Wells Fargo & Company upped their target price on shares of Core & Main from $65.00 to $70.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Core & Main in a research note on Tuesday, April 1st. They set a "buy" rating and a $60.00 target price for the company. Citigroup boosted their target price on shares of Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Finally, Royal Bank Of Canada upped their price objective on shares of Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a report on Tuesday, June 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $60.00.

Core & Main Stock Performance

CNM stock traded up $1.10 during mid-day trading on Monday, reaching $63.10. The company had a trading volume of 1,029,756 shares, compared to its average volume of 2,283,282. Core & Main, Inc. has a one year low of $37.22 and a one year high of $63.83. The stock's 50-day simple moving average is $57.69 and its two-hundred day simple moving average is $53.50. The company has a quick ratio of 1.10, a current ratio of 1.96 and a debt-to-equity ratio of 1.23. The stock has a market capitalization of $12.44 billion, a P/E ratio of 29.31, a P/E/G ratio of 1.83 and a beta of 1.04.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.52 EPS for the quarter, hitting analysts' consensus estimates of $0.52. The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.84 billion. Core & Main had a return on equity of 23.55% and a net margin of 5.47%. The business's quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the company posted $0.49 EPS. Research analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current year.

Insider Buying and Selling

In related news, CAO John Weldon Stephens sold 10,214 shares of the stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $53.02, for a total transaction of $541,546.28. Following the completion of the transaction, the chief accounting officer directly owned 4,120 shares in the company, valued at approximately $218,442.40. This trade represents a 71.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Mark G. Whittenburg sold 49,100 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $60.03, for a total value of $2,947,473.00. Following the transaction, the general counsel owned 9,691 shares of the company's stock, valued at approximately $581,750.73. The trade was a 83.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 265,703 shares of company stock valued at $15,931,870. Insiders own 3.53% of the company's stock.

About Core & Main

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.