1,959,029 Shares in Core & Main, Inc. (NYSE:CNM) Purchased by Norges Bank

Norges Bank purchased a new stake in Core & Main, Inc. (NYSE:CNM) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 1,959,029 shares of the company’s stock, valued at approximately $99,734,000.

Several other hedge funds have also recently bought and sold shares of CNM. Avior Wealth Management LLC increased its stake in shares of Core & Main by 51.3% during the fourth quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock worth $41,000 after purchasing an additional 271 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Core & Main in the 3rd quarter valued at $49,000. UMB Bank n.a. lifted its holdings in shares of Core & Main by 246.0% during the fourth quarter. UMB Bank n.a. now owns 962 shares of the company’s stock worth $49,000 after buying an additional 684 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Core & Main by 187.4% in the fourth quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock valued at $65,000 after acquiring an additional 830 shares during the period. Finally, R Squared Ltd acquired a new position in shares of Core & Main in the fourth quarter valued at about $78,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP John R. Schaller sold 21,868 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $46.82, for a total transaction of $1,023,859.76. Following the sale, the executive vice president now owns 16,452 shares in the company, valued at $770,282.64. The trade was a 57.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Mark G. Whittenburg sold 50,000 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $50.49, for a total value of $2,524,500.00. Following the completion of the transaction, the general counsel now directly owns 7,667 shares of the company’s stock, valued at approximately $387,106.83. The trade was a 86.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 184,294 shares of company stock valued at $9,383,685. 3.49% of the stock is currently owned by insiders.

Core & Main Stock Performance

NYSE:CNM opened at $49.36 on Wednesday. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The firm has a market capitalization of $9.81 billion, a PE ratio of 23.17, a price-to-earnings-growth ratio of 2.61 and a beta of 1.05. Core & Main, Inc. has a twelve month low of $37.22 and a twelve month high of $62.15. The stock’s 50-day simple moving average is $51.58 and its 200 day simple moving average is $49.07.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.03). The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.67 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period last year, the firm posted $0.34 earnings per share. On average, analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CNM has been the subject of several analyst reports. Royal Bank of Canada dropped their price objective on shares of Core & Main from $62.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, March 26th. Wells Fargo & Company boosted their price target on Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Robert W. Baird lowered their price objective on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. The Goldman Sachs Group lifted their price objective on Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday, December 5th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Core & Main in a report on Tuesday. They set a “buy” rating and a $60.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.55.

About Core & Main

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.