Skandinaviska Enskilda Banken AB publ Lowers Stock Position in Core & Main, Inc. (NYSE:CNM)

Skandinaviska Enskilda Banken AB publ trimmed its position in Core & Main, Inc. (NYSE:CNM) by 25.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 593,900 shares of the company’s stock after selling 205,500 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned about 0.29% of Core & Main worth $29,065,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. QRG Capital Management Inc. boosted its stake in shares of Core & Main by 1.9% in the second quarter. QRG Capital Management Inc. now owns 12,153 shares of the company’s stock worth $595,000 after acquiring an additional 228 shares during the period. United Services Automobile Association grew its holdings in Core & Main by 2.0% during the 2nd quarter. United Services Automobile Association now owns 13,307 shares of the company’s stock valued at $651,000 after buying an additional 266 shares in the last quarter. CWM LLC raised its position in shares of Core & Main by 25.6% during the second quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after buying an additional 334 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Core & Main by 74.5% in the fourth quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock worth $35,000 after buying an additional 365 shares in the last quarter. Finally, Lisanti Capital Growth LLC boosted its position in shares of Core & Main by 0.3% during the first quarter. Lisanti Capital Growth LLC now owns 157,865 shares of the company’s stock worth $9,038,000 after acquiring an additional 395 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Stock Performance

Shares of Core & Main stock opened at $43.44 on Friday. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. The stock’s fifty day moving average is $48.18 and its two-hundred day moving average is $52.22. Core & Main, Inc. has a 52 week low of $27.75 and a 52 week high of $62.15. The company has a market capitalization of $8.75 billion, a PE ratio of 20.30, a price-to-earnings-growth ratio of 2.52 and a beta of 1.04.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the previous year, the company posted $0.66 earnings per share. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, analysts expect that Core & Main, Inc. will post 2.1 earnings per share for the current year.

Core & Main declared that its board has approved a share repurchase plan on Wednesday, June 12th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to buy up to 6.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

CNM has been the topic of a number of research reports. Barclays reduced their price target on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, September 5th. Truist Financial reduced their target price on Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. JPMorgan Chase & Co. decreased their target price on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 3rd. Robert W. Baird dropped their price target on Core & Main from $62.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Finally, Loop Capital decreased their price objective on Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.30.

Insider Transactions at Core & Main

In related news, Director James G. Castellano sold 12,500 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $52.22, for a total value of $652,750.00. Following the transaction, the director now owns 11,769 shares of the company’s stock, valued at $614,577.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.49% of the company’s stock.

About Core & Main

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.