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

Handelsbanken Fonder AB trimmed its position in shares of Core & Main, Inc. (NYSE:CNM) by 7.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,771,614 shares of the company’s stock after selling 213,915 shares during the quarter. Handelsbanken Fonder AB’s holdings in Core & Main were worth $141,103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Raymond James & Associates lifted its holdings in Core & Main by 10.1% in the third quarter. Raymond James & Associates now owns 480,167 shares of the company’s stock valued at $21,319,000 after acquiring an additional 44,023 shares during the period. Lecap Asset Management Ltd. purchased a new position in shares of Core & Main in the third quarter worth approximately $3,111,000. Riverwater Partners LLC grew its position in Core & Main by 20.6% during the third quarter. Riverwater Partners LLC now owns 6,079 shares of the company’s stock valued at $266,000 after buying an additional 1,038 shares during the period. Assenagon Asset Management S.A. bought a new position in Core & Main in the third quarter worth approximately $2,240,000. Finally, Louisiana State Employees Retirement System raised its position in Core & Main by 10.5% in the third quarter. Louisiana State Employees Retirement System now owns 53,500 shares of the company’s stock worth $2,375,000 after acquiring an additional 5,100 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Trading Down 1.8 %

CNM stock opened at $53.60 on Thursday. 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. The firm has a fifty day moving average price of $53.46 and a 200 day moving average price of $48.65. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. Core & Main, Inc. has a fifty-two week low of $37.22 and a fifty-two week high of $62.15.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same period in the previous year, the firm posted $0.65 EPS. The business’s quarterly revenue was up 11.5% on a year-over-year basis. Sell-side analysts anticipate 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 news, General Counsel Mark G. Whittenburg sold 1,974 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $55.29, for a total value of $109,142.46. Following the sale, the general counsel now owns 7,667 shares of the company’s stock, valued at approximately $423,908.43. This represents a 20.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Bradford A. Cowles sold 25,000 shares of Core & Main stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $54.48, for a total transaction of $1,362,000.00. Following the transaction, the president now directly owns 16,010 shares of the company’s stock, valued at approximately $872,224.80. This represents a 60.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 452,426 shares of company stock worth $24,285,825 over the last ninety days. Company insiders own 3.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $62.00 target price (up from $53.00) on shares of Core & Main in a report on Wednesday, December 4th. Robert W. Baird upped their target price on shares of Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Barclays raised their price target on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Wells Fargo & Company upped their price objective on Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Finally, The Goldman Sachs Group lifted their target price on Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a research note on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and an average price target of $57.60.

Core & Main Company 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.