Handelsbanken Fonder AB Decreases Stock Holdings in Core & Main, Inc. $CNM

Handelsbanken Fonder AB lowered its stake in shares of Core & Main, Inc. (NYSE:CNM) by 49.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,426,831 shares of the company’s stock after selling 1,423,401 shares during the period. Handelsbanken Fonder AB owned about 0.73% of Core & Main worth $74,152,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Modern Wealth Management LLC boosted its holdings in Core & Main by 5.8% during the third quarter. Modern Wealth Management LLC now owns 3,970 shares of the company’s stock worth $214,000 after buying an additional 218 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in Core & Main by 13.8% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,959 shares of the company’s stock worth $109,000 after acquiring an additional 237 shares during the last quarter. Johnson Investment Counsel Inc. raised its position in Core & Main by 0.6% during the third quarter. Johnson Investment Counsel Inc. now owns 43,070 shares of the company’s stock worth $2,318,000 after acquiring an additional 244 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after acquiring an additional 269 shares during the last quarter. Finally, Steph & Co. raised its position in Core & Main by 36.6% during the fourth quarter. Steph & Co. now owns 1,037 shares of the company’s stock worth $54,000 after acquiring an additional 278 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Insider Buying and Selling

In other news, Director James D. Hope acquired 1,972 shares of the business’s stock in a transaction dated Tuesday, April 7th. The stock was acquired at an average price of $50.70 per share, with a total value of $99,980.40. Following the completion of the transaction, the director directly owned 6,939 shares in the company, valued at approximately $351,807.30. This represents a 39.70% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Robyn L. Bradbury sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $52.54, for a total transaction of $262,700.00. Following the completion of the transaction, the chief financial officer directly owned 12,500 shares of the company’s stock, valued at approximately $656,750. This represents a 28.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.51% of the company’s stock.

Core & Main Stock Performance

NYSE:CNM opened at $46.18 on Tuesday. The firm has a 50 day simple moving average of $49.57 and a 200-day simple moving average of $52.07. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.63 and a quick ratio of 1.51. The firm has a market cap of $8.99 billion, a PE ratio of 19.99, a P/E/G ratio of 1.69 and a beta of 0.93. Core & Main, Inc. has a 1-year low of $43.96 and a 1-year high of $67.18.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CNM. Barclays cut their target price on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Wednesday, March 25th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Finally, Zacks Research cut shares of Core & Main from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 9th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $61.64.

About Core & Main

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.