Jennison Associates LLC Takes Position in Core & Main, Inc. (NYSE:CNM)

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

Several other large investors have also made changes to their positions in the business. Parallel Advisors LLC increased its holdings in Core & Main by 447.1% during the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company's stock valued at $31,000 after purchasing an additional 532 shares in the last quarter. Rossby Financial LCC acquired a new stake in Core & Main during the 1st quarter valued at $37,000. CWM LLC increased its holdings 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 in the last quarter. Versant Capital Management Inc increased its holdings in Core & Main by 1,491.8% during the 1st quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock valued at $56,000 after purchasing an additional 1,089 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in Core & Main by 30.1% during the 4th 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 in 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 several recent analyst reports. Deutsche Bank Aktiengesellschaft started coverage on Core & Main in a report on Tuesday, April 1st. They set a "buy" rating and a $60.00 target price on the stock. Citigroup upped their target price on Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Robert W. Baird dropped their target price on Core & Main from $66.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, March 26th. Loop Capital boosted their price target on Core & Main from $63.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, June 11th. Finally, Wells Fargo & Company boosted their price target on Core & Main from $65.00 to $70.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Core & Main presently has a consensus rating of "Moderate Buy" and an average price target of $60.00.

Core & Main Stock Performance

Shares of Core & Main stock traded up $2.12 during mid-day trading on Tuesday, hitting $65.05. 3,017,237 shares of the stock were exchanged, compared to its average volume of 2,290,470. Core & Main, Inc. has a 12 month low of $37.22 and a 12 month high of $65.06. The company has a 50-day simple moving average of $57.69 and a 200 day simple moving average of $53.50. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.10 and a current ratio of 1.96. The company has a market capitalization of $12.82 billion, a P/E ratio of 30.26, a P/E/G ratio of 1.86 and a beta of 1.04.

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

Insider Activity at Core & Main

In other news, Director Orvin T. Kimbrough sold 23,962 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $61.77, for a total value of $1,480,132.74. Following the sale, the director directly owned 13,958 shares of the company's stock, valued at $862,185.66. This represents a 63.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robyn L. Bradbury sold 25,000 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $60.49, for a total transaction of $1,512,250.00. Following the completion of the transaction, the chief financial officer owned 8,555 shares of the company's stock, valued at approximately $517,491.95. The trade was a 74.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 433,659 shares of company stock worth $26,264,751 in the last three months. 3.53% of the stock is owned by insiders.

Core & Main Company Profile

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.