Core & Main, Inc. $CNM Shares Sold by E. Ohman J or Asset Management AB

Key Points

• E. Ohman Jor Asset Management AB cut its Core & Main stake by 83.5% in the second quarter, selling 259,424 shares and retaining 51,106 shares valued at approximately $2.47 million.
• Institutional ownership remains high at 94.19%, with investors including First Trust Advisors, Morgan Stanley and Schonfeld Strategic Advisors increasing their positions, while Norges Bank and Zurich Insurance Group initiated new stakes.
• Core & Main shares opened at $46.66, below the analyst consensus target of $56.70. Analysts maintain a “Moderate Buy” consensus, although recent coverage included neutral, market-perform and hold ratings; a company director also purchased 2,067 shares.

E. Ohman J or Asset Management AB trimmed its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 83.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,106 shares of the company's stock after selling 259,424 shares during the quarter. E. Ohman J or Asset Management AB's holdings in Core & Main were worth $2,466,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of CNM. Norges Bank bought a new position in shares of Core & Main during the fourth quarter worth about $108,265,000. First Trust Advisors LP raised its stake in Core & Main by 38.6% during the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company's stock valued at $276,380,000 after buying an additional 1,482,235 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in Core & Main during the third quarter valued at approximately $67,284,000. Morgan Stanley lifted its holdings in Core & Main by 8.3% during the 4th quarter. Morgan Stanley now owns 14,586,859 shares of the company's stock worth $758,079,000 after buying an additional 1,118,145 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC lifted its holdings in Core & Main by 286.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company's stock worth $74,276,000 after buying an additional 1,022,864 shares during the last quarter. Institutional investors own 94.19% of the company's stock.

Insider Activity at Core & Main

In other news, Director James D. Hope purchased 2,067 shares of the stock in a transaction dated Monday, July 6th. The stock was acquired at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the transaction, the director owned 11,805 shares of the company's stock, valued at approximately $543,148.05. The trade was a 21.23% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.51% of the company's stock.

Core & Main Price Performance

Shares of NYSE CNM opened at $46.66 on Wednesday. Core & Main, Inc. has a 1-year low of $41.88 and a 1-year high of $67.18. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.31 and a quick ratio of 1.31. The business's fifty day moving average price is $46.62 and its two-hundred day moving average price is $49.82. The firm has a market capitalization of $9.03 billion, a PE ratio of 19.77, a P/E/G ratio of 1.59 and a beta of 0.92.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Citigroup decreased their target price on Core & Main from $54.00 to $53.00 and set a "neutral" rating for the company in a research report on Thursday, June 11th. William Blair began coverage on Core & Main in a research note on Thursday, July 23rd. They set a "market perform" rating on the stock. Wall Street Zen downgraded shares of Core & Main from a "buy" rating to a "hold" rating in a report on Saturday. Finally, The Goldman Sachs Group reissued a "neutral" rating and set a $24.00 target price on shares of Core & Main in a report on Thursday, June 11th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Core & Main has a consensus rating of "Moderate Buy" and a consensus target price of $56.70.

Core & Main Company Profile

Core & Main, Inc NYSE: CNM is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company's product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.

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