Bornite Capital Management LP Purchases New Position in Core & Main, Inc. $CNM

Bornite Capital Management LP purchased a new stake in shares of Core & Main, Inc. (NYSE:CNM) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 759,000 shares of the company’s stock, valued at approximately $36,622,000. Core & Main accounts for about 4.6% of Bornite Capital Management LP’s holdings, making the stock its 16th biggest holding.

Several other institutional investors and hedge funds have also bought and sold shares of CNM. EverSource Wealth Advisors LLC increased its stake in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after buying an additional 269 shares during the period. Cubist Systematic Strategies LLC raised its holdings in shares of Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after acquiring an additional 524 shares in the last quarter. Quarry LP purchased a new stake in Core & Main in the fourth quarter worth $38,000. Los Angeles Capital Management LLC purchased a new stake in Core & Main in the fourth quarter worth $44,000. Finally, Root Financial Partners LLC boosted its holdings in Core & Main by 111.6% in the first quarter. Root Financial Partners LLC now owns 895 shares of the company’s stock valued at $44,000 after acquiring an additional 472 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 Core & Main news, Director James D. Hope bought 2,067 shares of Core & Main stock in a transaction dated Monday, July 6th. The shares were purchased at an average cost of $46.01 per share, with a total value of $95,102.67. Following the transaction, the director directly owned 11,805 shares of the company’s stock, valued at $543,148.05. This represents a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.51% of the stock is owned by corporate insiders.

Core & Main Price Performance

CNM opened at $42.05 on Wednesday. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.00. The company has a market cap of $8.14 billion, a price-to-earnings ratio of 17.82, a price-to-earnings-growth ratio of 1.48 and a beta of 0.91. The stock has a fifty day simple moving average of $45.13 and a two-hundred day simple moving average of $48.57. Core & Main, Inc. has a 12-month low of $41.87 and a 12-month high of $67.18.

Analyst Ratings Changes

A number of brokerages have issued reports on CNM. Northcoast Research downgraded shares of Core & Main from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 26th. William Blair assumed coverage on shares of Core & Main in a research report on Thursday, July 23rd. They issued a “market perform” rating for the company. Citigroup cut their target price on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a research note on Thursday, June 11th. Wall Street Zen cut shares of Core & Main from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $24.00 price target on shares of Core & Main in a research note on Thursday, June 11th. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and an average target price of $56.70.

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.