Norges Bank Invests $99.73 Million in Core & Main, Inc. (NYSE:CNM)

Norges Bank acquired a new stake in Core & Main, Inc. (NYSE:CNM) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,959,029 shares of the company’s stock, valued at approximately $99,734,000. Norges Bank owned about 0.99% of Core & Main at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CNM. Caisse Des Depots ET Consignations bought a new stake in shares of Core & Main in the 4th quarter valued at about $999,000. JPMorgan Chase & Co. increased its stake in Core & Main by 0.3% in the fourth quarter. JPMorgan Chase & Co. now owns 2,847,032 shares of the company’s stock valued at $144,942,000 after purchasing an additional 7,633 shares in the last quarter. United Services Automobile Association raised its holdings in Core & Main by 7.9% in the fourth quarter. United Services Automobile Association now owns 12,332 shares of the company’s stock worth $628,000 after purchasing an additional 907 shares during the period. Vanguard Group Inc. boosted its position in shares of Core & Main by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock worth $927,580,000 after purchasing an additional 221,970 shares in the last quarter. Finally, LPL Financial LLC grew its holdings in shares of Core & Main by 16.1% in the 4th quarter. LPL Financial LLC now owns 17,757 shares of the company’s stock valued at $904,000 after buying an additional 2,461 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Insider Buying and Selling

In other Core & Main news, President Bradford A. Cowles sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $50.50, for a total transaction of $631,250.00. Following the transaction, the president now owns 16,010 shares of the company’s stock, valued at $808,505. The trade was a 43.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John R. Schaller sold 21,868 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $46.82, for a total value of $1,023,859.76. Following the completion of the sale, the executive vice president now directly owns 16,452 shares of the company’s stock, valued at approximately $770,282.64. The trade was a 57.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 184,294 shares of company stock worth $9,383,685. Insiders own 3.49% of the company’s stock.

Core & Main Price Performance

Shares of NYSE CNM opened at $49.36 on Wednesday. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The business has a 50-day moving average of $51.58 and a 200-day moving average of $49.07. The stock has a market capitalization of $9.81 billion, a price-to-earnings ratio of 23.17, a PEG ratio of 2.61 and a beta of 1.05. Core & Main, Inc. has a fifty-two week low of $37.22 and a fifty-two week high of $62.15.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CNM shares. Royal Bank of Canada dropped their price target on Core & Main from $62.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Barclays lifted their price target on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Robert W. Baird reduced their price target on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. Citigroup raised their price objective on shares of Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Finally, The Goldman Sachs Group upped their target price on shares of Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, December 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $57.55.

Core & Main Profile

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.