Core & Main, Inc. (NYSE:CNM) Shares Bought by DNB Asset Management AS

DNB Asset Management AS increased its position in Core & Main, Inc. (NYSE:CNM) by 14.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,989 shares of the company’s stock after buying an additional 5,594 shares during the period. DNB Asset Management AS’s holdings in Core & Main were worth $2,201,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Core & Main by 35.2% in the 1st quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock valued at $1,038,457,000 after acquiring an additional 4,721,510 shares during the last quarter. Capital International Investors increased its stake in Core & Main by 470.6% in the first quarter. Capital International Investors now owns 5,093,278 shares of the company’s stock valued at $291,590,000 after purchasing an additional 4,200,591 shares during the last quarter. Bessemer Group Inc. increased its stake in Core & Main by 915.9% in the first quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock valued at $148,073,000 after purchasing an additional 2,331,802 shares during the last quarter. Handelsbanken Fonder AB lifted its position in Core & Main by 180.1% during the fourth quarter. Handelsbanken Fonder AB now owns 2,707,385 shares of the company’s stock worth $109,405,000 after buying an additional 1,740,685 shares during the period. Finally, Swedbank AB acquired a new stake in Core & Main in the 1st quarter worth about $98,876,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Insider Activity

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $52.22, for a total value of $652,750.00. Following the completion of the sale, the director now owns 11,769 shares of the company’s stock, valued at $614,577.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Mark R. Witkowski sold 50,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $59.50, for a total value of $2,975,000.00. Following the transaction, the chief financial officer now owns 23,898 shares in the company, valued at $1,421,931. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James G. Castellano sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $52.22, for a total value of $652,750.00. Following the sale, the director now owns 11,769 shares of the company’s stock, valued at approximately $614,577.18. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,700 shares of company stock worth $3,637,752. 3.49% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $60.00 price objective on shares of Core & Main in a report on Wednesday, June 5th. Truist Financial dropped their price target on shares of Core & Main from $56.00 to $50.00 and set a “hold” rating for the company in a research report on Wednesday, June 5th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $52.90.

Core & Main Trading Down 0.6 %

Shares of Core & Main stock traded down $0.31 during trading hours on Tuesday, hitting $47.53. The company’s stock had a trading volume of 2,549,174 shares, compared to its average volume of 2,487,552. The business has a fifty day moving average of $51.01 and a 200 day moving average of $51.72. Core & Main, Inc. has a 1-year low of $27.75 and a 1-year high of $62.15. The company has a quick ratio of 1.23, a current ratio of 2.14 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $9.58 billion, a PE ratio of 21.77, a P/E/G ratio of 1.92 and a beta of 1.06.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, June 4th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02). The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Core & Main had a return on equity of 20.01% and a net margin of 5.53%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the company posted $0.50 earnings per share. As a group, equities analysts forecast that Core & Main, Inc. will post 2.32 EPS for the current year.

Core & Main Profile

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.