Swedbank AB Purchases 158,000 Shares of Core & Main, Inc. $CNM

Swedbank AB lifted its position in shares of Core & Main, Inc. (NYSE:CNM) by 15.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,199,000 shares of the company’s stock after purchasing an additional 158,000 shares during the quarter. Swedbank AB owned approximately 0.61% of Core & Main worth $64,542,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. EverSource Wealth Advisors LLC boosted its stake in Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after buying an additional 269 shares in the last quarter. Bfsg LLC boosted its position in shares of Core & Main by 56.4% during the 2nd quarter. Bfsg LLC now owns 560 shares of the company’s stock valued at $34,000 after acquiring an additional 202 shares in the last quarter. Cubist Systematic Strategies LLC boosted its position in shares of Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after acquiring an additional 524 shares in the last quarter. Hantz Financial Services Inc. increased its stake in Core & Main by 815.7% in the second quarter. Hantz Financial Services Inc. now owns 641 shares of the company’s stock valued at $39,000 after acquiring an additional 571 shares during the period. Finally, Steph & Co. acquired a new position in Core & Main in the second quarter worth about $53,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CNM. Zacks Research raised Core & Main from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. UBS Group initiated coverage on Core & Main in a research note on Monday, September 29th. They issued a “buy” rating and a $65.00 price target on the stock. Barclays lowered their price target on Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Monday, December 1st. Robert W. Baird lifted their price objective on Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, December 10th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $60.82.

Core & Main Trading Up 0.8%

CNM stock opened at $54.19 on Thursday. The business has a fifty day moving average price of $51.03 and a 200 day moving average price of $56.26. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35. Core & Main, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $67.18. The stock has a market capitalization of $10.59 billion, a price-to-earnings ratio of 23.87, a P/E/G ratio of 2.28 and a beta of 0.98.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, December 9th. The company reported $0.72 EPS for the quarter, hitting analysts’ consensus estimates of $0.72. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The company had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the previous year, the firm earned $0.69 earnings per share. The business’s revenue was up 1.2% on a year-over-year basis. Analysts expect that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main declared that its Board of Directors has authorized a share buyback program on Tuesday, December 9th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Core & Main Company 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.