Geode Capital Management LLC Purchases 84,657 Shares of Core & Main, Inc. $CNM

Geode Capital Management LLC boosted its position in shares of Core & Main, Inc. (NYSE:CNM) by 2.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,645,108 shares of the company’s stock after purchasing an additional 84,657 shares during the period. Geode Capital Management LLC’s holdings in Core & Main were worth $189,474,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Raiffeisen Bank International AG raised its stake in shares of Core & Main by 3.8% in the third quarter. Raiffeisen Bank International AG now owns 497,051 shares of the company’s stock worth $26,657,000 after acquiring an additional 18,000 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Core & Main by 881.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 52,963 shares of the company’s stock worth $2,752,000 after acquiring an additional 47,569 shares during the last quarter. Procyon Advisors LLC bought a new position in shares of Core & Main in the fourth quarter worth about $1,779,000. Envestnet Asset Management Inc. raised its stake in shares of Core & Main by 16.1% in the third quarter. Envestnet Asset Management Inc. now owns 218,050 shares of the company’s stock worth $11,738,000 after acquiring an additional 30,262 shares during the last quarter. Finally, Bornite Capital Management LP bought a new position in shares of Core & Main in the third quarter worth about $53,830,000. 94.19% of the stock is owned by institutional investors.

Core & Main Trading Up 3.4%

CNM opened at $52.18 on Thursday. 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 company has a market cap of $10.16 billion, a price-to-earnings ratio of 22.59, a price-to-earnings-growth ratio of 1.81 and a beta of 0.91. The firm has a 50 day simple moving average of $49.59 and a 200 day simple moving average of $51.86. Core & Main, Inc. has a fifty-two week low of $43.96 and a fifty-two week high of $67.18.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Core & Main news, Director James D. Hope purchased 1,972 shares of the company’s stock in a transaction that occurred on Tuesday, April 7th. The stock was acquired at an average cost of $50.70 per share, with a total value of $99,980.40. Following the completion of the purchase, the director directly owned 6,939 shares in the company, valued at approximately $351,807.30. This represents a 39.70% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robyn L. Bradbury sold 5,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer directly owned 12,500 shares of the company’s stock, valued at approximately $656,750. This trade represents a 28.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.51% of the company’s stock.

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.