Swedbank AB Trims Stock Position in Core & Main, Inc. $CNM

Swedbank AB lowered its stake in shares of Core & Main, Inc. (NYSE:CNM) by 26.9% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,350,000 shares of the company’s stock after selling 497,900 shares during the period. Swedbank AB owned about 0.68% of Core & Main worth $65,218,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CNM. Voya Investment Management LLC grew its position in shares of Core & Main by 21.3% during the 1st quarter. Voya Investment Management LLC now owns 269,493 shares of the company’s stock valued at $13,019,000 after acquiring an additional 47,398 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Core & Main by 8.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 854,095 shares of the company’s stock worth $41,261,000 after purchasing an additional 67,351 shares during the last quarter. Sciencast Management LP boosted its holdings in shares of Core & Main by 130.0% during the 1st quarter. Sciencast Management LP now owns 48,826 shares of the company’s stock worth $2,359,000 after purchasing an additional 27,599 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Core & Main by 23.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company’s stock worth $14,106,000 after purchasing an additional 54,854 shares during the last quarter. Finally, UniSuper Management Pty Ltd purchased a new stake in shares of Core & Main during the 1st quarter valued at approximately $1,522,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Insider Buying and Selling at Core & Main

In related news, insider Stephen O. Leclair sold 44,972 shares of the stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $61.91, for a total transaction of $2,784,216.52. Following the completion of the transaction, the insider directly owned 70,736 shares of the company’s stock, valued at $4,379,265.76. This represents a 38.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mark R. Witkowski sold 100,000 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $64.08, for a total transaction of $6,408,000.00. Following the completion of the transaction, the chief executive officer directly owned 35,847 shares of the company’s stock, valued at approximately $2,297,075.76. This trade represents a 73.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 422,956 shares of company stock valued at $26,343,241. Corporate insiders own 3.53% of the company’s stock.

Core & Main Stock Performance

NYSE:CNM opened at $48.76 on Friday. The firm has a market capitalization of $9.61 billion, a PE ratio of 21.77, a price-to-earnings-growth ratio of 1.88 and a beta of 1.04. The business’s fifty day moving average price is $62.85 and its 200 day moving average price is $56.02. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.10. Core & Main, Inc. has a 12 month low of $39.86 and a 12 month high of $67.18.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.08. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. The company had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.12 billion. During the same quarter in the prior year, the firm posted $0.61 earnings per share. Core & Main’s revenue for the quarter was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CNM has been the topic of several analyst reports. Citigroup reduced their price target on shares of Core & Main from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Wednesday. Wells Fargo & Company cut their target price on Core & Main from $70.00 to $58.00 and set an “overweight” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. cut their target price on Core & Main from $64.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday. Royal Bank Of Canada cut their target price on Core & Main from $67.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Truist Financial cut their price objective on Core & Main from $56.00 to $50.00 and set a “hold” rating on the stock in a research report on Thursday. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.60.

Core & Main Profile

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.