Swedbank AB Sells 231,200 Shares of Core & Main, Inc. $CNM

Key Points

• Swedbank AB cut its Core & Main stake by 21.3% in the first quarter, selling 231,200 shares and ending with 853,000 shares worth about $42.1 million.
• Institutional ownership remains very high at 94.19%, with several other investors adding to or starting positions in the company during the quarter.
• Analysts remain cautiously positive on CNM, with a consensus rating of “Moderate Buy” and an average price target of $57.73, though some firms recently trimmed targets.

Swedbank AB decreased its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 21.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 853,000 shares of the company's stock after selling 231,200 shares during the quarter. Swedbank AB owned about 0.44% of Core & Main worth $42,138,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Praxis Investment Management Inc. bought a new stake in Core & Main in the 1st quarter valued at $288,000. HB Wealth Management LLC bought a new position in Core & Main during the 1st quarter worth $205,000. Root Financial Partners LLC increased its position in Core & Main by 111.6% during the 1st quarter. Root Financial Partners LLC now owns 895 shares of the company's stock worth $44,000 after buying an additional 472 shares during the period. Louisiana State Employees Retirement System acquired a new stake in shares of Core & Main during the first quarter worth $2,702,000. Finally, Fifth Third Wealth Advisors LLC lifted its holdings in shares of Core & Main by 4.8% during the first quarter. Fifth Third Wealth Advisors LLC now owns 5,726 shares of the company's stock worth $283,000 after buying an additional 261 shares in the last quarter. Institutional investors own 94.19% of the company's stock.

Core & Main Stock Performance

NYSE CNM opened at $45.78 on Thursday. The firm's 50 day simple moving average is $48.34 and its 200 day simple moving average is $51.56. The firm has a market capitalization of $8.86 billion, a price-to-earnings ratio of 19.40, a P/E/G ratio of 1.59 and a beta of 0.91. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.00. Core & Main, Inc. has a 1 year low of $43.96 and a 1 year high of $67.18.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CNM shares. Barclays decreased their price target on shares of Core & Main from $63.00 to $62.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 25th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Core & Main from $65.00 to $62.00 and set a "buy" rating for the company in a research note on Wednesday, March 25th. The Goldman Sachs Group reissued a "neutral" rating and issued a $24.00 price objective on shares of Core & Main in a report on Thursday, June 11th. Finally, Citigroup decreased 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 report on Thursday, June 11th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $57.73.

Insider Buying and Selling at Core & Main

In other Core & Main news, Director James D. Hope purchased 2,067 shares of the firm's stock in a transaction dated Monday, July 6th. The shares were bought at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the purchase, the director owned 11,805 shares in the company, valued at approximately $543,148.05. This trade represents a 21.23% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robyn L. Bradbury sold 5,000 shares of the business's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $52.54, for a total value of $262,700.00. Following the transaction, the chief financial officer directly owned 12,500 shares of the company's stock, valued at $656,750. This trade represents a 28.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.51% of the stock is owned by corporate insiders.

Core & Main 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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