According to the most recent report that Jennison Associates LLC has provided to the Securities and Exchange Commission, the company’s holdings in Core & Main, Inc. (NYSE: CNM) decreased by 10.1% during the third quarter. The institutional investor now has 1,217,354 shares in their possession after selling 137,042 shares of the company’s stock throughout the period. After the most recent reporting period, Jennison Associates LLC held approximately 0.50% of Core & Main’s shares, with a market value of $27,683,000.
Hedge funds and other types of institutional investors have been increasing the percentage of their holdings invested in the company over the past few months. The National Bank of Canada Financial Institution invested approximately $28,000 during the third quarter to increase its ownership stake in Core & Main. Assetmark Inc. multiplied its existing holdings in Core & Main by a factor of 155.2% during the second quarter. Assetmark Inc. has increased its total number of shares in the company to 1,613, bringing the total value of those shares to $36,000. Since the end of the previous quarter, Assetmark Inc. has acquired 981 more shares in the company. Approximately $58,000 was spent by MetLife Investment Management LLC during the first three months of this year to purchase a new investment in Core & Main. During the second quarter, the expenditure of approximately $107,000 by Lazard Asset Management LLC was made to fill a newly created position in Core & Main. And finally, during the second quarter, Islay Capital Management LLC increased the proportion of Core & Main that it held by 18.6 percentage points. Islay Capital Management LLC now holds 4,901 shares of the company’s stock, worth $109,000, after acquiring an additional 770 shares during the most recent quarter. The majority of the shares in the company are owned by institutional investors and hedge funds, which account for 95.16 percent of the total.
Several studies that were only recently published have focused their attention on CNM. Trust Financial announced in a research note released on Wednesday, December 14, that they are lowering their price objective on Core & Main to $22.00. In a research note distributed on January 10, Deutsche Bank Aktiengesellschaft lowered their “buy” rating and price objective on Core & Main from $41.00 to $40.00. The reduction came from the fact that they had previously held both ratings. Core & Main was moved from an “outperform” rating to a “sector perform” rating by the Royal Bank of Canada in a research note published on Wednesday, December 14. Additionally, the bank raised its price objective on the stock from $27.00 to $