Wellington Management Group LLP Buys 86,672 Shares of Core & Main, Inc. $CNM

Wellington Management Group LLP raised its stake in Core & Main, Inc. (NYSE:CNM) by 52.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 251,724 shares of the company’s stock after acquiring an additional 86,672 shares during the quarter. Wellington Management Group LLP’s holdings in Core & Main were worth $12,146,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of CNM. Deutsche Bank AG grew its holdings in Core & Main by 1.1% during the fourth quarter. Deutsche Bank AG now owns 17,859 shares of the company’s stock valued at $928,000 after purchasing an additional 190 shares during the period. Fifth Third Wealth Advisors LLC raised its stake in shares of Core & Main by 4.8% in the first quarter. Fifth Third Wealth Advisors LLC now owns 5,726 shares of the company’s stock valued at $283,000 after buying an additional 261 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Core & Main by 145.4% during the 2nd 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 last quarter. State of Michigan Retirement System lifted its position in shares of Core & Main by 0.7% during the 1st quarter. State of Michigan Retirement System now owns 45,400 shares of the company’s stock valued at $2,243,000 after buying an additional 300 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB grew its stake in shares of Core & Main by 47.8% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock worth $52,000 after acquiring an additional 311 shares during the period. 94.19% of the stock is owned by institutional investors.

Insider Activity

In other Core & Main news, Director James Hope acquired 2,067 shares of the business’s stock in a transaction dated Monday, July 6th. The stock was bought at an average price of $46.01 per share, with a total value of $95,102.67. Following the completion of the acquisition, the director owned 11,805 shares of the company’s stock, valued at $543,148.05. This trade represents 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 hyperlink. Company insiders own 1.51% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Core & Main Price Performance

Core & Main stock opened at $44.37 on Tuesday. The stock has a market cap of $8.59 billion, a price-to-earnings ratio of 18.80, a PEG ratio of 1.53 and a beta of 0.91. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00. The business has a 50-day simple moving average of $44.81 and a 200 day simple moving average of $48.18. Core & Main, Inc. has a 52 week low of $41.55 and a 52 week high of $67.18.

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.