Swedbank AB Has $64.54 Million Position in Core & Main, Inc. $CNM

Swedbank AB increased its stake in Core & Main, Inc. (NYSE:CNM) by 15.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,199,000 shares of the company’s stock after acquiring an additional 158,000 shares during the period. Swedbank AB’s holdings in Core & Main were worth $64,542,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Thrivent Financial for Lutherans boosted its holdings in Core & Main by 42.4% in the second quarter. Thrivent Financial for Lutherans now owns 208,499 shares of the company’s stock valued at $12,583,000 after acquiring an additional 62,096 shares during the last quarter. Montrusco Bolton Investments Inc. acquired a new position in Core & Main during the 2nd quarter valued at about $9,849,000. Allworth Financial LP lifted its position in Core & Main by 6,188.2% during the 2nd quarter. Allworth Financial LP now owns 9,055 shares of the company’s stock valued at $546,000 after purchasing an additional 8,911 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Core & Main by 17.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 187,788 shares of the company’s stock valued at $11,333,000 after purchasing an additional 27,892 shares during the last quarter. Finally, Vident Advisory LLC grew its position in shares of Core & Main by 155.9% during the 1st quarter. Vident Advisory LLC now owns 10,808 shares of the company’s stock worth $522,000 after buying an additional 6,584 shares during the period. 94.19% of the stock is currently owned by institutional investors.

Core & Main Stock Performance

Shares of Core & Main stock opened at $54.19 on Thursday. The company has a market capitalization of $10.59 billion, a PE ratio of 23.87, a PEG ratio of 2.28 and a beta of 0.98. Core & Main, Inc. has a 12 month low of $43.17 and a 12 month high of $67.18. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. The stock’s fifty day simple moving average is $51.03 and its 200 day simple moving average is $56.26.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, December 9th. The company reported $0.72 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.72. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The firm had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same period in the previous year, the firm earned $0.69 earnings per share. The company’s revenue was up 1.2% on a year-over-year basis. On average, research analysts predict that Core & Main, Inc. will post 2.16 EPS for the current year.

Core & Main announced that its Board of Directors has approved a stock repurchase program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CNM shares. Robert W. Baird increased their price objective on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, December 10th. The Goldman Sachs Group cut their price target on Core & Main from $68.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, September 12th. Wells Fargo & Company raised their price target on Core & Main from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Royal Bank Of Canada decreased their price objective on Core & Main from $67.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday, September 10th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Core & Main presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.82.

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.