Nordea Investment Management AB Buys 516 Shares of Core & Main, Inc. $CNM

Nordea Investment Management AB increased its stake in Core & Main, Inc. (NYSE:CNM) by 0.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 154,797 shares of the company’s stock after purchasing an additional 516 shares during the quarter. Nordea Investment Management AB owned approximately 0.08% of Core & Main worth $9,275,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its stake in shares of Core & Main by 84.1% in the first quarter. GAMMA Investing LLC now owns 4,086 shares of the company’s stock worth $197,000 after buying an additional 1,867 shares during the last quarter. State of Alaska Department of Revenue lifted its position in Core & Main by 1.5% during the 1st quarter. State of Alaska Department of Revenue now owns 22,285 shares of the company’s stock worth $1,076,000 after acquiring an additional 330 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in Core & Main by 3.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company’s stock worth $343,000 after acquiring an additional 229 shares during the last quarter. Perpetual Ltd boosted its holdings in Core & Main by 12.4% during the first quarter. Perpetual Ltd now owns 223,671 shares of the company’s stock valued at $10,806,000 after acquiring an additional 24,610 shares during the period. Finally, Artemis Investment Management LLP grew its position in shares of Core & Main by 109.6% in the first quarter. Artemis Investment Management LLP now owns 1,791,935 shares of the company’s stock valued at $86,568,000 after purchasing an additional 936,863 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

Insiders Place Their Bets

In related news, 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 value of $6,408,000.00. Following the completion of the transaction, the chief executive officer owned 35,847 shares of the company’s stock, valued at $2,297,075.76. This represents a 73.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.53% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CNM has been the subject of several research analyst reports. The Goldman Sachs Group cut their price objective on Core & Main from $68.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, September 12th. Citigroup reduced their price objective on Core & Main from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Wednesday, September 10th. Wells Fargo & Company raised their price objective on shares of Core & Main from $58.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 1st. Loop Capital reiterated a “hold” rating and set a $68.00 target price on shares of Core & Main in a research note on Monday, July 28th. Finally, JPMorgan Chase & Co. increased their price target on shares of Core & Main from $54.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Core & Main presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.64.

Core & Main Stock Performance

Shares of NYSE CNM opened at $52.58 on Tuesday. The firm has a market capitalization of $10.38 billion, a price-to-earnings ratio of 23.47, a PEG ratio of 2.05 and a beta of 0.98. Core & Main, Inc. has a one year low of $41.64 and a one year high of $67.18. The business has a fifty day simple moving average of $56.67 and a 200 day simple moving average of $56.65. The company has a current ratio of 2.25, a quick ratio of 1.30 and a debt-to-equity ratio of 1.14.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Tuesday, September 9th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. The firm had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.12 billion. During the same quarter in the previous year, the company earned $0.61 earnings per share. The business’s revenue was up 6.6% compared to the same quarter last year. Core & Main has set its FY 2025 guidance at EPS. Sell-side analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

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.