Bessemer Group Inc. Sells 572,394 Shares of Core & Main, Inc. $CNM

Bessemer Group Inc. lowered its stake in shares of Core & Main, Inc. (NYSE:CNM) by 18.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 2,590,449 shares of the company’s stock after selling 572,394 shares during the quarter. Bessemer Group Inc.’s holdings in Core & Main were worth $134,626,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. TD Waterhouse Canada Inc. acquired a new stake in Core & Main in the fourth quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its holdings in Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after acquiring an additional 269 shares in the last quarter. Whittier Trust Co. acquired a new stake in Core & Main in the fourth quarter worth about $28,000. Cubist Systematic Strategies LLC boosted its holdings in Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after acquiring an additional 524 shares in the last quarter. Finally, Rothschild Investment LLC boosted its holdings in Core & Main by 5,013.3% in the third quarter. Rothschild Investment LLC now owns 767 shares of the company’s stock worth $41,000 after acquiring an additional 752 shares in the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Insider Activity

In other news, Director James D. Hope acquired 1,972 shares of Core & Main stock in a transaction dated Tuesday, April 7th. The stock was purchased at an average cost of $50.70 per share, for a total transaction of $99,980.40. Following the completion of the purchase, the director directly owned 6,939 shares in the company, valued at $351,807.30. This trade represents a 39.70% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robyn L. Bradbury sold 5,000 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $52.54, for a total value of $262,700.00. Following the completion of the transaction, the chief financial officer owned 12,500 shares of the company’s stock, valued at approximately $656,750. The trade was a 28.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CNM shares. Zacks Research downgraded Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Barclays lowered their price target on Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Wednesday, March 25th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.64.

Core & Main Trading Down 2.4%

Shares of NYSE:CNM opened at $46.88 on Friday. Core & Main, Inc. has a 52-week low of $43.96 and a 52-week high of $67.18. The stock has a market cap of $9.12 billion, a price-to-earnings ratio of 20.29, a PEG ratio of 1.74 and a beta of 0.93. The company has a quick ratio of 1.51, a current ratio of 2.63 and a debt-to-equity ratio of 1.02. The business has a 50-day moving average price of $49.70 and a 200-day moving average price of $52.13.

Core & Main 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.