Handelsbanken Fonder AB Has $132.56 Million Stake in Core & Main, Inc. (NYSE:CNM)

Handelsbanken Fonder AB lifted its position in shares of Core & Main, Inc. (NYSE:CNM) by 34.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,985,529 shares of the company’s stock after buying an additional 757,000 shares during the period. Handelsbanken Fonder AB owned about 1.48% of Core & Main worth $132,557,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CNM. Rise Advisors LLC acquired a new stake in Core & Main in the 1st quarter valued at $27,000. ORG Partners LLC acquired a new stake in shares of Core & Main in the first quarter valued at about $38,000. Brown Brothers Harriman & Co. bought a new stake in Core & Main during the second quarter worth about $76,000. Quarry LP boosted its position in Core & Main by 87.0% during the fourth quarter. Quarry LP now owns 1,909 shares of the company’s stock valued at $77,000 after purchasing an additional 888 shares during the last quarter. Finally, CWM LLC grew its stake in Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after purchasing an additional 334 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors.

Insider Activity at Core & Main

In related news, Director James G. Castellano sold 12,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $52.22, for a total transaction of $652,750.00. Following the completion of the sale, the director now directly owns 11,769 shares in the company, valued at $614,577.18. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.49% of the stock is currently owned by insiders.

Core & Main Price Performance

Core & Main stock traded up $0.53 during mid-day trading on Friday, reaching $43.03. 3,893,498 shares of the company were exchanged, compared to its average volume of 2,644,436. The firm has a market cap of $8.67 billion, a PE ratio of 20.11, a PEG ratio of 2.87 and a beta of 1.02. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. The company has a fifty day simple moving average of $46.44 and a 200-day simple moving average of $51.79. Core & Main, Inc. has a 12 month low of $29.13 and a 12 month high of $62.15.

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

Core & Main declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Barclays cut their price objective on Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, September 5th. Royal Bank of Canada cut their price target on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Robert W. Baird reduced their price target on Core & Main from $62.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Truist Financial decreased their price objective on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Finally, Bank of America lowered their price target on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $49.55.

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.