Handelsbanken Fonder AB Acquires 351,219 Shares of Core & Main, Inc. $CNM

Handelsbanken Fonder AB increased its holdings in Core & Main, Inc. (NYSE:CNM) by 14.2% in the second quarter, Holdings Channel.com reports. The firm owned 2,823,433 shares of the company’s stock after acquiring an additional 351,219 shares during the period. Core & Main makes up approximately 0.6% of Handelsbanken Fonder AB’s investment portfolio, making the stock its 21st biggest position. Handelsbanken Fonder AB’s holdings in Core & Main were worth $170,394,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in CNM. Nuveen LLC purchased a new position in Core & Main in the 1st quarter worth $44,028,000. Allspring Global Investments Holdings LLC bought a new position in shares of Core & Main during the second quarter valued at about $25,461,000. Driehaus Capital Management LLC increased its holdings in shares of Core & Main by 253.6% in the first quarter. Driehaus Capital Management LLC now owns 482,128 shares of the company’s stock worth $23,292,000 after buying an additional 345,763 shares during the period. Jennison Associates LLC lifted its stake in shares of Core & Main by 30.0% in the 2nd quarter. Jennison Associates LLC now owns 1,472,571 shares of the company’s stock valued at $88,870,000 after acquiring an additional 339,431 shares during the last quarter. Finally, Bornite Capital Management LP bought a new stake in shares of Core & Main in the 1st quarter valued at about $14,493,000. Institutional investors own 94.19% of the company’s stock.

Core & Main Price Performance

Shares of CNM stock opened at $44.27 on Friday. The firm has a market cap of $8.74 billion, a P/E ratio of 19.76, a P/E/G ratio of 1.78 and a beta of 0.98. Core & Main, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $67.18. The business’s 50 day moving average price is $50.92 and its 200-day moving average price is $56.72. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.30 and a current ratio of 2.25.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.08. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The company had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.12 billion. During the same quarter in the prior year, the company earned $0.61 earnings per share. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CNM shares. Loop Capital restated a “hold” rating and set a $68.00 price target on shares of Core & Main in a research report on Monday, July 28th. Barclays dropped 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. Truist Financial cut 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, September 11th. Citigroup lowered their price target on shares of Core & Main from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Wednesday, September 10th. Finally, Royal Bank Of Canada dropped their price target 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. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $60.64.

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.