Core & Main, Inc. $CNM Shares Sold by Swedbank AB

Key Points

• Swedbank AB reduced its stake in Core & Main by 9.6%, selling 114,800 shares and leaving it with 1,084,200 shares (about 0.55% of the company) valued at roughly $56.35 million.
• Insider activity included Director James D. Hope buying 1,972 shares at $50.70 (a 39.7% increase in his holdings) and CFO Robyn L. Bradbury selling 5,000 shares at $52.54 under a Rule 10b5-1 plan; insiders now own 3.53% of the stock.
• Analysts maintain a generally positive view (average rating “Moderate Buy”) with an average target of $61.64, while CNM trades around $50.69 with a market cap of $9.87 billion and a P/E of 21.94.

Swedbank AB decreased its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 9.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,084,200 shares of the company's stock after selling 114,800 shares during the quarter. Swedbank AB owned 0.55% of Core & Main worth $56,346,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CNM. Cubist Systematic Strategies LLC raised its holdings in Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after purchasing an additional 524 shares during the period. AQR Capital Management LLC acquired a new position in Core & Main in the 1st quarter worth about $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Core & Main by 36.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,576 shares of the company's stock worth $1,719,000 after purchasing an additional 9,534 shares during the period. Goldman Sachs Group Inc. raised its holdings in Core & Main by 23.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company's stock worth $14,106,000 after purchasing an additional 54,854 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in Core & Main by 145.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock worth $27,000 after purchasing an additional 269 shares during the period. Institutional investors and hedge funds own 94.19% of the company's stock.

Insider Activity at Core & Main

In related news, Director James D. Hope purchased 1,972 shares of the company's stock in a transaction dated Tuesday, April 7th. The stock was acquired at an average cost of $50.70 per share, for a total transaction of $99,980.40. Following the completion of the transaction, the director directly owned 6,939 shares of the company's stock, valued at approximately $351,807.30. This trade represents a 39.70% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Robyn L. Bradbury sold 5,000 shares of the company's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $52.54, for a total value of $262,700.00. Following the completion of the sale, the chief financial officer owned 12,500 shares of the company's stock, valued at $656,750. This trade represents a 28.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.53% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CNM shares. Barclays reduced their price target on Core & Main from $63.00 to $62.00 and set an "overweight" rating for the company in a report on Wednesday, March 25th. Zacks Research cut Core & Main from a "strong-buy" rating to a "hold" rating in a report on Monday, February 9th. Wells Fargo & Company upped their price target on Core & Main from $57.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, January 14th. Citigroup boosted their price objective on Core & Main from $56.00 to $60.00 and gave the stock a "neutral" rating in a research note on Thursday, January 8th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $63.00 price objective on shares of Core & Main in a research note on Friday, January 9th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Core & Main has an average rating of "Moderate Buy" and an average target price of $61.64.

Core & Main Price Performance

NYSE:CNM opened at $50.69 on Thursday. Core & Main, Inc. has a 12 month low of $43.96 and a 12 month high of $67.18. The stock has a 50 day moving average of $50.59 and a two-hundred day moving average of $52.37. The company has a current ratio of 2.63, a quick ratio of 1.51 and a debt-to-equity ratio of 1.02. The firm has a market cap of $9.87 billion, a P/E ratio of 21.94, a price-to-earnings-growth ratio of 1.77 and a beta of 0.93.

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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