E. Ohman J or Asset Management AB Acquires 263,574 Shares of Core & Main, Inc. $CNM

Key Points

• E. Ohman J or Asset Management AB significantly increased its Core & Main stake in the first quarter, buying 263,574 additional shares and lifting its holdings by 561.3% to 310,530 shares worth about $15.34 million.
• Core & Main’s latest quarterly results beat expectations, with EPS of $0.72 versus the $0.53 consensus and revenue of $1.91 billion, slightly above estimates.
• Analysts remain broadly positive on the stock, with seven Buy ratings and five Hold ratings, giving Core & Main a Moderate Buy consensus and an average price target of $57.73.

E. Ohman J or Asset Management AB grew its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 561.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 310,530 shares of the company's stock after buying an additional 263,574 shares during the quarter. E. Ohman J or Asset Management AB owned 0.16% of Core & Main worth $15,340,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its stake in Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock worth $27,000 after acquiring an additional 269 shares during the last quarter. TD Waterhouse Canada Inc. bought a new stake in shares of Core & Main in the 4th quarter valued at approximately $26,000. Whittier Trust Co. bought a new stake in shares of Core & Main in the 4th quarter valued at approximately $28,000. Cubist Systematic Strategies LLC boosted its holdings in shares of 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. Finally, Quarry LP purchased a new position in shares of Core & Main in the 4th quarter worth approximately $38,000. Institutional investors own 94.19% of the company's stock.

Analyst Ratings Changes

CNM has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft cut their target price on Core & Main from $65.00 to $62.00 and set a "buy" rating on the stock in a research report on Wednesday, March 25th. Barclays dropped their price objective on shares of Core & Main from $63.00 to $62.00 and set an "overweight" rating for the company in a research note on Wednesday, March 25th. The Goldman Sachs Group reiterated a "neutral" rating and set a $24.00 price objective on shares of Core & Main in a research report on Thursday, June 11th. Finally, Citigroup reduced their target price on shares of Core & Main from $54.00 to $53.00 and set a "neutral" rating on the stock in a research note on Thursday, June 11th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $57.73.

Insiders Place Their Bets

In other Core & Main news, Director James D. Hope bought 1,972 shares of the firm'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 owned 6,939 shares in the company, valued at $351,807.30. This trade represents a 39.70% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robyn L. Bradbury sold 5,000 shares of the business's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $52.54, for a total transaction of $262,700.00. Following the sale, the chief financial officer directly owned 12,500 shares of the company's stock, valued at $656,750. This represents a 28.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.51% of the company's stock.

Core & Main Stock Up 0.1%

Shares of NYSE:CNM opened at $48.65 on Friday. The firm has a market capitalization of $9.41 billion, a PE ratio of 20.61, a price-to-earnings-growth ratio of 1.68 and a beta of 0.91. The business has a 50 day simple moving average of $49.48 and a two-hundred day simple moving average of $52.10. Core & Main, Inc. has a 1 year low of $43.96 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.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Wednesday, June 10th. The company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.19. Core & Main had a return on equity of 26.17% and a net margin of 5.87%.The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the business posted $0.52 earnings per share. The company's revenue for the quarter was down .1% on a year-over-year basis. On average, equities analysts predict that Core & Main, Inc. will post 3.06 EPS for the current year.

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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