Handelsbanken Fonder AB Sells 213,915 Shares of Core & Main, Inc. (NYSE:CNM)

Handelsbanken Fonder AB cut its stake in Core & Main, Inc. (NYSE:CNM) by 7.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,771,614 shares of the company’s stock after selling 213,915 shares during the quarter. Handelsbanken Fonder AB owned about 1.40% of Core & Main worth $141,103,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. PointState Capital LP bought a new position in shares of Core & Main in the third quarter valued at approximately $100,013,000. FMR LLC lifted its stake in Core & Main by 28.0% in the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock worth $386,151,000 after purchasing an additional 1,903,280 shares in the last quarter. Impax Asset Management Group plc boosted its holdings in Core & Main by 373.0% in the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock valued at $89,416,000 after purchasing an additional 1,588,117 shares during the period. Spruce House Investment Management LLC grew its position in shares of Core & Main by 400.0% during the 3rd quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company’s stock valued at $66,600,000 after purchasing an additional 1,200,000 shares in the last quarter. Finally, Zimmer Partners LP increased its holdings in shares of Core & Main by 535.6% in the third quarter. Zimmer Partners LP now owns 1,303,000 shares of the company’s stock worth $57,853,000 after purchasing an additional 1,098,000 shares during the period. 94.19% of the stock is currently owned by institutional investors.

Core & Main Trading Down 1.8 %

NYSE CNM opened at $53.60 on Thursday. The stock has a 50-day moving average of $53.46 and a 200-day moving average of $48.65. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $62.15. The firm has a market cap of $10.65 billion, a PE ratio of 25.17, a price-to-earnings-growth ratio of 2.70 and a beta of 1.03.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.65 by $0.04. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. Core & Main’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period last year, the business posted $0.65 earnings per share. As a group, sell-side analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current year.

Insider Transactions at Core & Main

In related news, EVP John R. Schaller sold 60,452 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $50.57, for a total value of $3,057,057.64. Following the transaction, the executive vice president now directly owns 17,898 shares of the company’s stock, valued at approximately $905,101.86. This represents a 77.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Bradford A. Cowles sold 25,000 shares of Core & Main stock in a transaction on Monday, February 10th. The stock was sold at an average price of $54.48, for a total value of $1,362,000.00. Following the completion of the sale, the president now directly owns 16,010 shares of the company’s stock, valued at approximately $872,224.80. The trade was a 60.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 452,426 shares of company stock valued at $24,285,825 in the last quarter. 3.49% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Wells Fargo & Company lifted their price objective on Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. The Goldman Sachs Group lifted their price target on Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, December 5th. Barclays upped their price objective on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Citigroup boosted their price target on shares of Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, January 6th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $62.00 price target (up previously from $53.00) on shares of Core & Main in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $57.60.

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.