Assenagon Asset Management S.A. Increases Holdings in Core & Main, Inc. $CNM

Assenagon Asset Management S.A. increased its position in shares of Core & Main, Inc. (NYSE:CNM) by 881.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 52,963 shares of the company’s stock after purchasing an additional 47,569 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Core & Main were worth $2,752,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Modern Wealth Management LLC boosted its holdings in Core & Main by 5.8% in the third quarter. Modern Wealth Management LLC now owns 3,970 shares of the company’s stock valued at $214,000 after purchasing an additional 218 shares during the last quarter. Johnson Investment Counsel Inc. boosted its stake in shares of Core & Main by 0.6% in the third quarter. Johnson Investment Counsel Inc. now owns 43,070 shares of the company’s stock worth $2,318,000 after buying an additional 244 shares during the last quarter. Wedmont Private Capital grew its holdings in Core & Main by 5.6% during the third quarter. Wedmont Private Capital now owns 4,733 shares of the company’s stock worth $241,000 after acquiring an additional 251 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Core & Main by 145.4% during 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 during the period. Finally, UMB Bank n.a. raised its position in Core & Main by 11.0% during the third quarter. UMB Bank n.a. now owns 3,006 shares of the company’s stock valued at $162,000 after acquiring an additional 299 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Deutsche Bank Aktiengesellschaft lowered their price objective on Core & Main from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Wednesday, March 25th. Wells Fargo & Company lifted their target price on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Barclays decreased 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. Citigroup raised their price target on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Finally, Zacks Research cut shares of Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.64.

Core & Main Stock Down 1.0%

Shares of CNM opened at $47.68 on Tuesday. The company has a current ratio of 2.63, a quick ratio of 1.51 and a debt-to-equity ratio of 1.02. Core & Main, Inc. has a 12 month low of $43.17 and a 12 month high of $67.18. The stock’s 50 day moving average is $53.55 and its two-hundred day moving average is $52.46. The firm has a market cap of $9.32 billion, a P/E ratio of 20.64, a PEG ratio of 1.74 and a beta of 0.98.

Core & Main announced that its Board of Directors has approved a stock repurchase program on Tuesday, December 9th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

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.