Jennison Associates LLC Sells 500,109 Shares of Core & Main, Inc. $CNM

Jennison Associates LLC trimmed its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 64.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 275,483 shares of the company’s stock after selling 500,109 shares during the quarter. Jennison Associates LLC’s holdings in Core & Main were worth $13,609,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Core & Main in the 4th quarter valued at $108,265,000. First Trust Advisors LP boosted its position in Core & Main by 38.6% during the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock valued at $276,380,000 after purchasing an additional 1,482,235 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in Core & Main in the third quarter valued at about $67,284,000. Morgan Stanley grew its stake in Core & Main by 8.3% in the fourth quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock valued at $758,079,000 after purchasing an additional 1,118,145 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its holdings in Core & Main by 286.6% in the third quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company’s stock worth $74,276,000 after purchasing an additional 1,022,864 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

CNM has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Citigroup cut their price objective on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a research report on Thursday, June 11th. The Goldman Sachs Group reiterated a “neutral” rating and set a $24.00 price objective on shares of Core & Main in a research note on Thursday, June 11th. Finally, 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 report on Wednesday, March 25th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Core & Main has a consensus rating of “Moderate Buy” and an average price target of $57.73.

Core & Main Trading Down 1.2%

Shares of NYSE:CNM opened at $43.32 on Wednesday. The business’s 50-day moving average is $47.55 and its 200 day moving average is $51.01. Core & Main, Inc. has a 1 year low of $42.50 and a 1 year high of $67.18. The firm has a market capitalization of $8.38 billion, a P/E ratio of 18.36, a P/E/G ratio of 1.52 and a beta of 0.91. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.31 and a quick ratio of 1.31.

Insiders Place Their Bets

In other Core & Main news, Director James D. Hope purchased 2,067 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were acquired at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the purchase, the director owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. The trade was a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.51% of the company’s stock.

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.