Swedbank AB Has $65.22 Million Stock Holdings in Core & Main, Inc. $CNM

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 cut its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 26.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund 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 filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Voya Investment Management LLC grew its holdings in shares of Core & Main by 21.3% during the 1st quarter. Voya Investment Management LLC now owns 269,493 shares of the company's stock valued at $13,019,000 after purchasing an additional 47,398 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Core & Main by 8.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 854,095 shares of the company's stock valued at $41,261,000 after purchasing an additional 67,351 shares during the last quarter. Sciencast Management LP grew its holdings in shares of Core & Main by 130.0% during the 1st quarter. Sciencast Management LP now owns 48,826 shares of the company's stock valued at $2,359,000 after purchasing an additional 27,599 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Core & Main by 23.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company's stock worth $14,106,000 after acquiring an additional 54,854 shares during the last quarter. Finally, UniSuper Management Pty Ltd bought a new stake in Core & Main during the 1st quarter worth approximately $1,522,000. 94.19% of the stock is owned by institutional investors.

Core & Main Stock Up 2.2%

Shares of Core & Main stock traded up $1.05 during trading on Monday, reaching $49.72. 4,369,191 shares of the company traded hands, compared to its average volume of 3,046,656. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.30. Core & Main, Inc. has a 1-year low of $40.42 and a 1-year high of $67.18. The company has a 50 day moving average price of $62.61 and a 200-day moving average price of $56.08. The firm has a market capitalization of $9.80 billion, a PE ratio of 22.20, a P/E/G ratio of 1.91 and a beta of 1.04.

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

Insider Activity at Core & Main

In related news, CEO Mark R. Witkowski sold 100,000 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $64.08, for a total transaction of $6,408,000.00. Following the transaction, the chief executive officer owned 35,847 shares in the company, valued at $2,297,075.76. The trade was a 73.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen O. Leclair sold 80,028 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $62.27, for a total transaction of $4,983,343.56. Following the transaction, the insider owned 70,736 shares in the company, valued at $4,404,730.72. The trade was a 53.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 422,956 shares of company stock worth $26,343,241 over the last ninety days. 3.53% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CNM shares. Truist Financial reduced their target price on shares of Core & Main from $56.00 to $50.00 and set a "hold" rating on the stock in a report on Thursday. Barclays reduced their target price on shares of Core & Main from $69.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, September 10th. The Goldman Sachs Group reduced their target price on shares of Core & Main from $68.00 to $60.00 and set a "neutral" rating on the stock in a report on Friday. Loop Capital reissued a "hold" rating and set a $68.00 target price on shares of Core & Main in a report on Monday, July 28th. Finally, Wells Fargo & Company reduced their target price on shares of Core & Main from $70.00 to $58.00 and set an "overweight" rating on the stock in a report 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 company. Based on data from MarketBeat, the stock has a consensus 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.