Bessemer Group Inc. Trims Holdings in Core & Main, Inc. $CNM

Bessemer Group Inc. decreased its holdings in Core & Main, Inc. (NYSE:CNM) by 18.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,590,449 shares of the company’s stock after selling 572,394 shares during the period. Bessemer Group Inc. owned about 1.32% of Core & Main worth $134,626,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Thrivent Financial for Lutherans increased its stake in Core & Main by 23.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 328,366 shares of the company’s stock worth $17,066,000 after purchasing an additional 62,553 shares during the period. Allworth Financial LP increased its stake in shares of Core & Main by 10.6% during the fourth quarter. Allworth Financial LP now owns 11,453 shares of the company’s stock valued at $595,000 after buying an additional 1,102 shares during the period. Madison Asset Management LLC increased its stake in shares of Core & Main by 0.7% during the fourth quarter. Madison Asset Management LLC now owns 116,796 shares of the company’s stock valued at $6,070,000 after buying an additional 773 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Core & Main during the fourth quarter valued at $2,040,000. Finally, Versor Investments LP purchased a new position in shares of Core & Main during the fourth quarter valued at $887,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Insider Transactions at Core & Main

In related news, CFO Robyn L. Bradbury sold 5,000 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $52.54, for a total transaction of $262,700.00. Following the sale, the chief financial officer owned 12,500 shares of the company’s stock, valued at $656,750. This trade represents a 28.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope acquired 1,972 shares of the company’s stock in a transaction that occurred on Tuesday, April 7th. The shares were bought at an average cost of $50.70 per share, for a total transaction of $99,980.40. Following the transaction, the director owned 6,939 shares of the company’s stock, valued at $351,807.30. This represents a 39.70% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 1.51% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CNM has been the topic of several research reports. Zacks Research lowered Core & Main from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 9th. Barclays cut their price target on Core & Main from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 25th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Core & Main from $65.00 to $62.00 and set a “buy” rating on the stock in a research note 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 MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and an average target price of $61.64.

Core & Main Price Performance

Shares of CNM stock opened at $46.88 on Friday. Core & Main, Inc. has a 1-year low of $43.96 and a 1-year high of $67.18. The stock’s 50-day moving average is $49.70 and its 200 day moving average is $52.13. The company has a market cap of $9.12 billion, a P/E ratio of 20.29, a PEG ratio of 1.74 and a beta of 0.93. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.63 and a quick ratio of 1.51.

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.