BI Asset Management Fondsmaeglerselskab A S Increases Holdings in Core & Main, Inc. (NYSE:CNM)

BI Asset Management Fondsmaeglerselskab A S raised its position in Core & Main, Inc. (NYSE:CNM) by 183.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,875 shares of the company’s stock after purchasing an additional 19,982 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Core & Main were worth $1,248,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Renaissance Capital LLC grew its stake in Core & Main by 59.0% in the 4th quarter. Renaissance Capital LLC now owns 85,574 shares of the company’s stock worth $3,458,000 after acquiring an additional 31,740 shares in the last quarter. State of Michigan Retirement System bought a new position in Core & Main in the 4th quarter worth about $1,325,000. Charles Schwab Investment Management Inc. grew its stake in Core & Main by 27.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,348,537 shares of the company’s stock worth $54,494,000 after acquiring an additional 286,513 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in Core & Main by 328.1% in the 4th quarter. Exchange Traded Concepts LLC now owns 78,854 shares of the company’s stock worth $3,186,000 after acquiring an additional 60,435 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its stake in shares of Core & Main by 4.4% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,734,897 shares of the company’s stock valued at $70,107,000 after purchasing an additional 73,790 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Stock Performance

CNM opened at $60.62 on Wednesday. The firm has a market capitalization of $12.21 billion, a PE ratio of 28.20, a PEG ratio of 1.88 and a beta of 1.14. Core & Main, Inc. has a twelve month low of $26.08 and a twelve month high of $62.15. The firm’s 50-day moving average price is $57.11 and its 200 day moving average price is $46.24. The company has a current ratio of 2.29, a quick ratio of 1.30 and a debt-to-equity ratio of 1.22.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Tuesday, March 19th. The company reported $0.34 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.34. Core & Main had a net margin of 5.54% and a return on equity of 18.22%. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the previous year, the business posted $0.31 earnings per share. Core & Main’s quarterly revenue was up 4.8% on a year-over-year basis. As a group, sell-side analysts expect that Core & Main, Inc. will post 2.59 EPS for the current fiscal year.

Insider Activity

In other news, CFO Mark R. Witkowski sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $58.51, for a total value of $2,925,500.00. Following the sale, the chief financial officer now directly owns 23,898 shares of the company’s stock, valued at approximately $1,398,271.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP John Weldon Stephens sold 43,900 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $50.02, for a total transaction of $2,195,878.00. Following the sale, the vice president now directly owns 3,468 shares of the company’s stock, valued at approximately $173,469.36. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark R. Witkowski sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $58.51, for a total transaction of $2,925,500.00. Following the sale, the chief financial officer now directly owns 23,898 shares in the company, valued at $1,398,271.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 275,000 shares of company stock valued at $15,442,117. Company insiders own 3.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CNM shares. Loop Capital increased their price objective on shares of Core & Main from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. JPMorgan Chase & Co. raised their target price on shares of Core & Main from $38.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Barclays raised their target price on shares of Core & Main from $49.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. Truist Financial restated a “hold” rating and issued a $38.00 target price on shares of Core & Main in a research note on Wednesday, March 20th. Finally, Citigroup downgraded shares of Core & Main from a “buy” rating to a “neutral” rating and raised their target price for the company from $63.00 to $64.00 in a research note on Friday, April 5th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

About Core & Main

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.