Handelsbanken Fonder AB Trims Stake in Core & Main, Inc. (NYSE:CNM)

Handelsbanken Fonder AB lessened its position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 10.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,472,214 shares of the company's stock after selling 299,400 shares during the quarter. Handelsbanken Fonder AB owned approximately 1.25% of Core & Main worth $119,433,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Parallel Advisors LLC grew its stake in Core & Main by 447.1% in the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company's stock valued at $31,000 after acquiring an additional 532 shares during the period. Versant Capital Management Inc increased its position in Core & Main by 1,491.8% during the first quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock worth $56,000 after purchasing an additional 1,089 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Core & Main by 30.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company's stock worth $61,000 after buying an additional 278 shares during the last quarter. Blue Trust Inc. raised its position in Core & Main by 187.4% in the fourth quarter. Blue Trust Inc. now owns 1,273 shares of the company's stock valued at $65,000 after purchasing an additional 830 shares during the period. Finally, Ancora Advisors LLC acquired a new position in Core & Main in the fourth quarter valued at about $75,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Stock Performance

CNM traded down $0.67 during trading on Friday, reaching $56.05. The company's stock had a trading volume of 1,750,816 shares, compared to its average volume of 2,291,396. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. The company's fifty day moving average price is $52.95 and its 200-day moving average price is $52.01. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $60.38. The company has a market capitalization of $11.09 billion, a price-to-earnings ratio of 26.31, a price-to-earnings-growth ratio of 2.61 and a beta of 1.02.

Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share for the quarter, meeting analysts' consensus estimates of $0.52. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.84 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The company's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.49 earnings per share. On average, equities analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CNM shares. Loop Capital upped their price target on Core & Main from $63.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday. Royal Bank of Canada increased their price objective on shares of Core & Main from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Tuesday. Robert W. Baird cut their target price on Core & Main from $66.00 to $65.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 26th. Citigroup boosted their price target on shares of Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft began coverage on Core & Main in a research note on Tuesday, April 1st. They issued a "buy" rating and a $60.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $59.55.

Insiders Place Their Bets

In related news, CAO John Weldon Stephens sold 41,963 shares of the company's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total value of $2,118,292.24. Following the sale, the chief accounting officer now owns 4,120 shares in the company, valued at $207,977.60. This represents a 91.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John R. Schaller sold 9,794 shares of the business's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $55.00, for a total value of $538,670.00. Following the sale, the executive vice president now owns 19,689 shares in the company, valued at approximately $1,082,895. The trade was a 33.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 157,666 shares of company stock worth $8,770,352. Corporate insiders own 3.53% of the company's stock.

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.