Swedbank AB Purchases 135,000 Shares of Core & Main, Inc. (NYSE:CNM)

Swedbank AB boosted its position in shares of Core & Main, Inc. (NYSE:CNM) by 8.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,782,100 shares of the company’s stock after acquiring an additional 135,000 shares during the quarter. Swedbank AB’s holdings in Core & Main were worth $79,125,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Core & Main by 31.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,566,745 shares of the company’s stock valued at $89,697,000 after purchasing an additional 375,311 shares during the period. Public Employees Retirement Association of Colorado acquired a new stake in shares of Core & Main in the first quarter valued at approximately $1,099,000. Public Employees Retirement System of Ohio lifted its position in shares of Core & Main by 18.2% in the first quarter. Public Employees Retirement System of Ohio now owns 82,755 shares of the company’s stock valued at $4,738,000 after buying an additional 12,755 shares during the last quarter. Caxton Associates LP boosted its stake in shares of Core & Main by 69.3% during the 1st quarter. Caxton Associates LP now owns 27,419 shares of the company’s stock worth $1,570,000 after acquiring an additional 11,226 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of Core & Main by 12.5% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 131,084 shares of the company’s stock worth $7,505,000 after acquiring an additional 14,589 shares during the last quarter. 94.19% of the stock is owned by institutional investors.

Core & Main Trading Up 1.6 %

Shares of CNM stock opened at $45.27 on Monday. The stock has a 50 day simple moving average of $44.27 and a 200 day simple moving average of $48.62. Core & Main, Inc. has a 1 year low of $34.02 and a 1 year high of $62.15. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40. The stock has a market cap of $9.11 billion, a P/E ratio of 21.66, a price-to-earnings-growth ratio of 2.90 and a beta of 1.02.

Core & Main (NYSE:CNM) last released its earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.13). The company had revenue of $1.96 billion for the quarter, compared to analyst estimates of $2.05 billion. Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the company posted $0.66 earnings per share. On average, research analysts predict that Core & Main, Inc. will post 2.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CNM has been the subject of several research reports. Loop Capital cut their price target on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, September 5th. Robert W. Baird lifted their target price on shares of Core & Main from $53.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. The Goldman Sachs Group decreased their price target on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Royal Bank of Canada reduced their price objective on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. lowered their target price on Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.20.

Core & Main Company Profile

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.