Weiss Asset Management LP Invests $864,000 in Core & Main, Inc. $CNM

Weiss Asset Management LP purchased a new stake in shares of Core & Main, Inc. (NYSE:CNM) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 17,500 shares of the company’s stock, valued at approximately $864,000.

Several other large investors have also made changes to their positions in the company. Renaissance Technologies LLC acquired a new stake in shares of Core & Main in the first quarter worth about $40,217,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Core & Main during the 1st quarter valued at about $846,000. Caxton Associates LLP acquired a new position in shares of Core & Main during the 1st quarter valued at about $2,936,000. Walleye Capital LLC raised its stake in shares of Core & Main by 25,564.2% in the 1st quarter. Walleye Capital LLC now owns 127,321 shares of the company’s stock valued at $6,290,000 after acquiring an additional 127,821 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Core & Main by 15.3% in the 1st quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock valued at $302,863,000 after acquiring an additional 812,770 shares in the last quarter. Institutional investors own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CNM. Citigroup dropped their target price on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a report on Thursday, June 11th. William Blair assumed coverage on Core & Main in a research report on Thursday. They issued a “market perform” rating on the stock. The Goldman Sachs Group reiterated a “neutral” rating and issued a $24.00 price objective on shares of Core & Main in a research note on Thursday, June 11th. Finally, Wall Street Zen raised Core & Main from a “hold” rating to a “buy” rating in a research report on Saturday. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $56.70.

Core & Main Trading Up 0.0%

Shares of CNM stock opened at $43.63 on Tuesday. The firm has a fifty day moving average of $47.26 and a 200-day moving average of $50.71. The stock has a market cap of $8.44 billion, a price-to-earnings ratio of 18.49, a P/E/G ratio of 1.51 and a beta of 0.91. Core & Main, Inc. has a 52-week low of $42.50 and a 52-week high of $67.18. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.31 and a current ratio of 2.31.

Insider Activity at Core & Main

In other Core & Main news, Director James D. Hope purchased 2,067 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were acquired at an average cost of $46.01 per share, for a total transaction of $95,102.67. Following the transaction, the director directly owned 11,805 shares in the company, valued at approximately $543,148.05. The trade was a 21.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.51% of the company’s stock.

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.