Jennison Associates LLC Reduces Stock Holdings in Core & Main, Inc. $CNM

Jennison Associates LLC decreased its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 62.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 775,592 shares of the company's stock after selling 1,311,574 shares during the quarter. Jennison Associates LLC owned about 0.40% of Core & Main worth $40,308,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CNM. State of New Jersey Common Pension Fund D raised its holdings in Core & Main by 4.1% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 66,901 shares of the company's stock worth $3,477,000 after purchasing an additional 2,642 shares in the last quarter. American Capital Advisory LLC raised its holdings in Core & Main by 1,091,100.0% in the fourth quarter. American Capital Advisory LLC now owns 10,912 shares of the company's stock worth $567,000 after purchasing an additional 10,911 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new position in Core & Main in the fourth quarter worth $204,000. M&T Bank Corp raised its holdings in Core & Main by 49.8% in the fourth quarter. M&T Bank Corp now owns 6,620 shares of the company's stock worth $344,000 after purchasing an additional 2,200 shares in the last quarter. Finally, Impax Asset Management Group plc raised its holdings in Core & Main by 10.8% in the fourth quarter. Impax Asset Management Group plc now owns 2,872,595 shares of the company's stock worth $149,289,000 after purchasing an additional 279,373 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company's stock.

Insider Buying and Selling at Core & Main

In other news, CFO Robyn L. Bradbury sold 5,000 shares of the firm's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $52.54, for a total transaction of $262,700.00. Following the completion of the transaction, the chief financial officer directly owned 12,500 shares in the company, valued at $656,750. This trade represents a 28.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope purchased 1,972 shares of Core & Main stock in a transaction dated Tuesday, April 7th. The shares were bought at an average price of $50.70 per share, with a total value of $99,980.40. Following the completion of the acquisition, the director directly owned 6,939 shares of the company's stock, valued at approximately $351,807.30. This represents a 39.70% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 3.53% of the stock is owned by company insiders.

Core & Main Price Performance

Shares of NYSE:CNM opened at $49.04 on Friday. Core & Main, Inc. has a 1-year low of $43.96 and a 1-year high of $67.18. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.63 and a quick ratio of 1.51. The business has a fifty day moving average price of $50.81 and a 200-day moving average price of $52.38. The company has a market capitalization of $9.55 billion, a PE ratio of 21.23, a PEG ratio of 1.82 and a beta of 0.93.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft decreased their price objective on Core & Main from $65.00 to $62.00 and set a "buy" rating for the company in a report on Wednesday, March 25th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $63.00 price objective on shares of Core & Main in a report on Friday, January 9th. Barclays decreased their price objective on Core & Main from $63.00 to $62.00 and set an "overweight" rating for the company in a report on Wednesday, March 25th. Wells Fargo & Company increased their price objective on Core & Main from $57.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, January 14th. Finally, Citigroup increased their price objective on Core & Main from $56.00 to $60.00 and gave the stock a "neutral" rating in a report on Thursday, January 8th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $61.64.

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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