Avanza Fonder AB Invests $97,000 in Core & Main, Inc. (NYSE:CNM)

Avanza Fonder AB purchased a new stake in shares of Core & Main, Inc. (NYSE:CNM) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 1,902 shares of the company’s stock, valued at approximately $97,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new position in shares of Core & Main in the third quarter worth about $26,000. ORG Wealth Partners LLC purchased a new stake in Core & Main during the 3rd quarter worth approximately $31,000. Wilmington Savings Fund Society FSB purchased a new stake in Core & Main during the 3rd quarter worth approximately $49,000. GAMMA Investing LLC raised its position in shares of Core & Main by 61.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock valued at $60,000 after purchasing an additional 511 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Core & Main during the 3rd quarter valued at approximately $93,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CNM shares. The Goldman Sachs Group upped their price target on shares of Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday, December 5th. Barclays upped their target price on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Robert W. Baird lifted their price target on Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Wells Fargo & Company upped their price objective on Core & Main from $52.00 to $62.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $62.00 target price (up previously from $53.00) on shares of Core & Main in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.30.

Core & Main Stock Performance

Shares of NYSE CNM opened at $55.21 on Tuesday. The business’s 50-day simple moving average is $50.22 and its 200-day simple moving average is $48.01. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. Core & Main, Inc. has a 52 week low of $37.22 and a 52 week high of $62.15. The firm has a market cap of $10.97 billion, a price-to-earnings ratio of 25.92, a P/E/G ratio of 2.79 and a beta of 1.02.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same period in the previous year, the company posted $0.65 earnings per share. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, equities research analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Bradford A. Cowles sold 12,500 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $50.50, for a total transaction of $631,250.00. Following the transaction, the president now owns 16,010 shares in the company, valued at $808,505. This represents a 43.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Mark G. Whittenburg sold 50,000 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $50.49, for a total transaction of $2,524,500.00. Following the sale, the general counsel now directly owns 7,667 shares in the company, valued at $387,106.83. This trade represents a 86.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 427,426 shares of company stock valued at $22,923,825 over the last ninety days. 3.49% of the stock is owned by company insiders.

Core & Main Company 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.