Handelsbanken Fonder AB Decreases Stake in Core & Main, Inc. (NYSE:CNM)

Handelsbanken Fonder AB reduced its position in Core & Main, Inc. (NYSE:CNM) by 10.8% during the first quarter, HoldingsChannel reports. The fund owned 2,472,214 shares of the company’s stock after selling 299,400 shares during the quarter. Handelsbanken Fonder AB’s holdings in Core & Main were worth $119,433,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC boosted its position in Core & Main by 447.1% during the first quarter. Parallel Advisors LLC now owns 651 shares of the company’s stock worth $31,000 after purchasing an additional 532 shares during the period. Versant Capital Management Inc lifted its stake in shares of Core & Main by 1,491.8% during the 1st quarter. Versant Capital Management Inc now owns 1,162 shares of the company’s stock valued at $56,000 after buying an additional 1,089 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in Core & Main by 30.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company’s stock worth $61,000 after buying an additional 278 shares during the period. Blue Trust Inc. boosted its holdings in shares of Core & Main by 187.4% in the fourth quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock worth $65,000 after acquiring an additional 830 shares during the period. Finally, Ancora Advisors LLC purchased a new position in Core & Main during the 4th quarter valued at about $75,000. 94.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Core & Main from $54.00 to $56.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 27th. Robert W. Baird decreased their price objective on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Citigroup reiterated a “neutral” rating on shares of Core & Main in a research report on Tuesday. Royal Bank of Canada reissued an “outperform” rating on shares of Core & Main in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Core & Main in a report on Tuesday, April 1st. They issued a “buy” rating and a $60.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.91.

Core & Main Stock Down 0.7%

Shares of CNM opened at $59.26 on Tuesday. Core & Main, Inc. has a 1 year low of $37.22 and a 1 year high of $60.38. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The stock has a 50 day simple moving average of $52.04 and a two-hundred day simple moving average of $51.80. The firm has a market cap of $11.73 billion, a P/E ratio of 27.82, a P/E/G ratio of 2.61 and a beta of 1.02.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Tuesday, March 25th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. Core & Main’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same period last year, the company posted $0.34 EPS. On average, analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Core & Main

In other Core & Main news, insider Laura K. Schneider sold 45,695 shares of the business’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $56.25, for a total value of $2,570,343.75. Following the completion of the sale, the insider now owns 12,873 shares in the company, valued at approximately $724,106.25. The trade was a 78.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO John Weldon Stephens sold 41,963 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $50.48, for a total value of $2,118,292.24. Following the sale, the chief accounting officer now directly owns 4,120 shares of the company’s stock, valued at approximately $207,977.60. This trade represents a 91.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 107,666 shares of company stock worth $5,768,852 over the last three months. Company insiders own 3.53% of the company’s stock.

About Core & Main

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.