Swedbank AB Sells 309,000 Shares of Core & Main, Inc. $CNM

Key Points

• Swedbank AB has reduced its stake in Core & Main, Inc. by 22.9%, selling 309,000 shares during the second quarter, bringing its ownership to 1,041,000 shares valued at $62.8 million.
• Several institutional investors, including Enhancing Capital LLC and CWM LLC, have recently adjusted their positions in Core & Main, with a significant 94.19% of the stock owned by institutional investors.
• Core & Main's recent earnings report showed a 6.6% increase in revenue year-over-year, with an earnings per share (EPS) of $0.87, exceeding analyst estimates.

Swedbank AB reduced its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 22.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,041,000 shares of the company's stock after selling 309,000 shares during the quarter. Swedbank AB owned approximately 0.53% of Core & Main worth $62,824,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CNM. Voya Investment Management LLC increased its position in shares of Core & Main by 21.3% during the first quarter. Voya Investment Management LLC now owns 269,493 shares of the company's stock worth $13,019,000 after buying an additional 47,398 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Core & Main by 8.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 854,095 shares of the company's stock worth $41,261,000 after buying an additional 67,351 shares during the period. Sciencast Management LP increased its position in shares of Core & Main by 130.0% during the first quarter. Sciencast Management LP now owns 48,826 shares of the company's stock worth $2,359,000 after buying an additional 27,599 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Core & Main by 23.1% during the first quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company's stock worth $14,106,000 after buying an additional 54,854 shares during the period. Finally, UniSuper Management Pty Ltd acquired a new stake in shares of Core & Main during the first quarter worth $1,522,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Core & Main

In other Core & Main news, CEO Mark R. Witkowski sold 100,000 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $64.08, for a total value of $6,408,000.00. Following the transaction, the chief executive officer directly owned 35,847 shares of the company's stock, valued at approximately $2,297,075.76. This trade represents a 73.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Orvin T. Kimbrough sold 23,962 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $61.77, for a total transaction of $1,480,132.74. Following the completion of the transaction, the director directly owned 13,958 shares in the company, valued at $862,185.66. This trade represents a 63.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 422,956 shares of company stock valued at $26,343,241. Corporate insiders own 3.53% of the company's stock.

Analysts Set New Price Targets

CNM has been the subject of several recent analyst reports. The Goldman Sachs Group decreased their price objective on shares of Core & Main from $68.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, September 12th. Loop Capital reiterated a "hold" rating and set a $68.00 price objective on shares of Core & Main in a research report on Monday, July 28th. JPMorgan Chase & Co. decreased their price objective on shares of Core & Main from $64.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, September 10th. Royal Bank Of Canada decreased their price objective on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a research report on Wednesday, September 10th. Finally, Wells Fargo & Company cut their target price on shares of Core & Main from $70.00 to $58.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 10th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Core & Main presently has an average rating of "Moderate Buy" and a consensus price target of $59.60.

Core & Main Stock Down 0.4%

NYSE CNM traded down $0.20 on Monday, hitting $50.73. 3,026,713 shares of the company were exchanged, compared to its average volume of 3,604,725. The company has a market cap of $10.02 billion, a PE ratio of 22.65, a PEG ratio of 2.00 and a beta of 1.04. Core & Main, Inc. has a 12 month low of $41.60 and a 12 month high of $67.18. The stock has a fifty day moving average of $61.43 and a 200-day moving average of $56.15. The company has a current ratio of 2.25, a quick ratio of 1.30 and a debt-to-equity ratio of 1.14.

Core & Main (NYSE:CNM - Get Free Report) last issued its earnings results on Tuesday, September 9th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.08. The business had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.12 billion. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. Core & Main's revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. As a group, analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current year.

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.