Core & Main, Inc. $CNM Shares Sold by Swedbank AB

Key Points

• Swedbank AB reduced its stake in Core & Main, Inc. by 26.9%, selling 497,900 shares to hold 1,350,000 shares, valued at approximately $65.2 million.
• Insider selling has been noted, including CEO Mark R. Witkowski who sold 100,000 shares for $6.4 million, representing a 73.61% decrease in ownership.
• Analysts have lowered price targets for Core & Main stock, with estimates ranging from $50.00 to $62.00, reflecting a cautious outlook on the company's performance.

Swedbank AB lowered its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 26.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,350,000 shares of the company's stock after selling 497,900 shares during the quarter. Swedbank AB owned 0.68% of Core & Main worth $65,218,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Parallel Advisors LLC lifted its holdings in shares of Core & Main by 447.1% in the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company's stock worth $31,000 after buying an additional 532 shares during the period. Cubist Systematic Strategies LLC lifted 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 buying an additional 524 shares during the period. Rossby Financial LCC purchased a new stake in shares of Core & Main in the 1st quarter worth $37,000. CWM LLC lifted its holdings in shares of Core & Main by 34.0% in the 1st quarter. CWM LLC now owns 839 shares of the company's stock worth $41,000 after buying an additional 213 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in shares of Core & Main by 1,491.8% in the 1st quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock worth $56,000 after buying an additional 1,089 shares during the period. Hedge funds and other institutional investors own 94.19% of the company's stock.

Insiders Place Their Bets

In other news, CFO Robyn L. Bradbury sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $60.49, for a total value of $1,512,250.00. Following the transaction, the chief financial officer owned 8,555 shares in the company, valued at $517,491.95. This trade represents a 74.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Orvin T. Kimbrough sold 23,962 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $61.77, for a total value of $1,480,132.74. Following the completion of the transaction, the director owned 13,958 shares in the company, valued at approximately $862,185.66. This trade represents a 63.19% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 422,956 shares of company stock valued at $26,343,241. 3.53% of the stock is owned by corporate insiders.

Core & Main Stock Performance

Shares of CNM stock traded up $1.25 during mid-day trading on Thursday, reaching $50.34. The stock had a trading volume of 1,357,043 shares, compared to its average volume of 2,137,547. The firm has a market cap of $9.92 billion, a price-to-earnings ratio of 22.49, a PEG ratio of 1.94 and a beta of 1.04. The business's fifty day moving average is $62.09 and its 200-day moving average is $55.99. Core & Main, Inc. has a 1-year low of $41.60 and a 1-year high of $67.18. 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 released its earnings results on Tuesday, September 9th. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.08. The business had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.12 billion. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The business's quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. On average, research analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Analysts Set New Price Targets

CNM has been the subject of several research reports. The Goldman Sachs Group lowered their target price on Core & Main from $68.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, September 12th. Truist Financial lowered their target price on Core & Main from $56.00 to $50.00 and set a "hold" rating for the company in a report on Thursday, September 11th. JPMorgan Chase & Co. lowered their target price on Core & Main from $64.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, September 10th. Loop Capital restated a "hold" rating and set a $68.00 price objective on shares of Core & Main in a research note on Monday, July 28th. Finally, Barclays decreased their price objective on Core & Main from $69.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, September 10th. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $59.60.

Core & Main 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.