Nordea Investment Management AB Acquires New Shares in Core & Main, Inc. (NYSE:CNM)

Nordea Investment Management AB bought a new position in Core & Main, Inc. (NYSE:CNM) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 155,858 shares of the company’s stock, valued at approximately $7,955,000. Nordea Investment Management AB owned about 0.08% of Core & Main as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of CNM. PointState Capital LP bought a new position in Core & Main during the third quarter valued at approximately $100,013,000. FMR LLC boosted its stake in shares of Core & Main by 28.0% in the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock worth $386,151,000 after buying an additional 1,903,280 shares during the last quarter. Impax Asset Management Group plc grew its holdings in shares of Core & Main by 373.0% in the third quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock worth $89,416,000 after acquiring an additional 1,588,117 shares during the period. Spruce House Investment Management LLC increased its position in Core & Main by 400.0% during the third quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company’s stock valued at $66,600,000 after acquiring an additional 1,200,000 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in Core & Main by 37.1% in the second quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock valued at $205,974,000 after acquiring an additional 1,137,817 shares during the period. Institutional investors own 94.19% of the company’s stock.

Core & Main Stock Up 0.6 %

Shares of NYSE:CNM opened at $51.19 on Friday. The company has a 50-day moving average price of $48.93 and a 200 day moving average price of $47.80. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 12 month low of $37.22 and a 12 month high of $62.15. The company has a market cap of $10.17 billion, a price-to-earnings ratio of 24.03, a PEG ratio of 2.95 and a beta of 1.02.

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

Wall Street Analyst Weigh In

Several research firms have recently commented on CNM. Royal Bank of Canada reaffirmed an “outperform” rating and set a $62.00 price target (up previously from $53.00) on shares of Core & Main in a research report on Wednesday, December 4th. Truist Financial increased their price target on shares of Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Wells Fargo & Company boosted their price objective on shares of Core & Main from $52.00 to $62.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Robert W. Baird lifted their target price on Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Barclays upped their price target on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.30.

Insider Buying and Selling

In other news, CEO Stephen O. Leclair sold 200,000 shares of Core & Main stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the completion of the sale, the chief executive officer now directly owns 92,349 shares in the company, valued at approximately $5,068,113.12. This trade represents a 68.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Bradford A. Cowles sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $55.07, for a total transaction of $2,753,500.00. Following the completion of the transaction, the president now directly owns 18,423 shares in the company, valued at $1,014,554.61. This represents a 73.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 290,000 shares of company stock valued at $15,926,000 in the last ninety days. 3.49% of the stock is owned by company insiders.

Core & Main Company 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.