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Core & Main, Inc. (NYSE:CNM) Shares Sold by Skandinaviska Enskilda Banken AB publ

Core & Main logo with Industrials background

Key Points

  • Skandinaviska Enskilda Banken AB reduced its stake in Core & Main, Inc. by 21.1%, selling 166,000 shares and now holds about 0.31% of the company's stock, worth approximately $29.99 million.
  • Various institutional investors have increased their positions in Core & Main significantly, with Federated Hermes Inc. boosting its holdings by 4,757.9% to over 1.1 million shares valued at about $57.95 million.
  • Wall Street analysts have shown positive sentiment towards Core & Main, with multiple price targets raised, including a new target of $68.00 from Loop Capital, indicating an overall rating of “Moderate Buy.”
  • Five stocks to consider instead of Core & Main.

Skandinaviska Enskilda Banken AB publ lowered its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 21.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 620,800 shares of the company's stock after selling 166,000 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned about 0.31% of Core & Main worth $29,991,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. KLP Kapitalforvaltning AS raised its stake in shares of Core & Main by 1.5% in the first quarter. KLP Kapitalforvaltning AS now owns 39,600 shares of the company's stock valued at $1,913,000 after acquiring an additional 600 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Core & Main in the first quarter valued at $1,119,000. Regency Capital Management Inc. DE bought a new position in shares of Core & Main in the first quarter worth about $1,017,000. Allianz Asset Management GmbH grew its holdings in shares of Core & Main by 1.5% in the first quarter. Allianz Asset Management GmbH now owns 815,435 shares of the company's stock worth $39,394,000 after purchasing an additional 11,982 shares during the last quarter. Finally, Jennison Associates LLC bought a new position in shares of Core & Main in the first quarter worth about $54,742,000. Hedge funds and other institutional investors own 94.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CNM shares. Wells Fargo & Company upped their price target on shares of Core & Main from $65.00 to $70.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Royal Bank Of Canada upped their price target on shares of Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a report on Tuesday, June 10th. Citigroup upped their price target on shares of Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Loop Capital restated a "hold" rating and issued a $68.00 price target on shares of Core & Main in a report on Monday. Finally, JPMorgan Chase & Co. raised their target price on shares of Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, Core & Main has a consensus rating of "Hold" and a consensus price target of $60.00.

Read Our Latest Stock Report on CNM

Core & Main Stock Down 0.0%

Shares of NYSE:CNM traded down $0.01 during trading on Wednesday, reaching $65.07. The stock had a trading volume of 574,202 shares, compared to its average volume of 1,979,091. Core & Main, Inc. has a one year low of $37.22 and a one year high of $65.97. The company has a market capitalization of $12.83 billion, a P/E ratio of 30.26, a PEG ratio of 1.94 and a beta of 1.04. The company has a current ratio of 1.96, a quick ratio of 1.10 and a debt-to-equity ratio of 1.23. The firm's 50-day simple moving average is $59.30 and its 200 day simple moving average is $54.15.

Core & Main (NYSE:CNM - Get Free Report) last released 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. Core & Main had a net margin of 5.47% and a return on equity of 23.55%. The business had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.84 billion. During the same period last year, the business earned $0.49 EPS. The company's revenue was up 9.8% compared to the same quarter last year. As a group, research analysts expect that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Robyn L. Bradbury sold 5,000 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $64.51, for a total value of $322,550.00. Following the sale, the chief financial officer directly owned 8,555 shares in the company, valued at approximately $551,883.05. This trade represents a 36.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark R. Witkowski sold 100,000 shares of the firm's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $61.26, for a total transaction of $6,126,000.00. Following the completion of the sale, the chief executive officer owned 35,847 shares in the company, valued at $2,195,987.22. This represents a 73.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 428,445 shares of company stock worth $26,045,755. Insiders own 3.53% of the company's stock.

Core & Main Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Core & Main (NYSE:CNM)

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