Swiss National Bank Decreases Position in Core & Main, Inc. (NYSE:CNM)

Swiss National Bank cut its position in Core & Main, Inc. (NYSE:CNM) by 8.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 148,700 shares of the company’s stock after selling 13,500 shares during the period. Swiss National Bank owned approximately 0.06% of Core & Main worth $3,435,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CNM. Pinebridge Investments L.P. raised its holdings in shares of Core & Main by 254.1% during the fourth quarter. Pinebridge Investments L.P. now owns 60,057 shares of the company’s stock valued at $1,160,000 after purchasing an additional 43,097 shares during the last quarter. Jump Financial LLC raised its holdings in shares of Core & Main by 17.0% during the first quarter. Jump Financial LLC now owns 121,573 shares of the company’s stock valued at $2,808,000 after purchasing an additional 17,689 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Core & Main by 23.2% during the fourth quarter. Victory Capital Management Inc. now owns 3,995,204 shares of the company’s stock valued at $77,147,000 after purchasing an additional 752,385 shares during the last quarter. Tortoise Capital Advisors L.L.C. raised its holdings in shares of Core & Main by 3.3% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 15,933 shares of the company’s stock valued at $308,000 after purchasing an additional 506 shares during the last quarter. Finally, GSA Capital Partners LLP raised its holdings in shares of Core & Main by 523.0% during the fourth quarter. GSA Capital Partners LLP now owns 64,416 shares of the company’s stock valued at $1,244,000 after purchasing an additional 54,077 shares during the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CNM has been the subject of several research reports. Truist Financial boosted their price objective on shares of Core & Main from $24.00 to $29.00 in a report on Thursday, June 8th. Northcoast Research started coverage on shares of Core & Main in a research report on Tuesday, June 13th. They set a “buy” rating and a $40.00 target price for the company. Loop Capital boosted their target price on shares of Core & Main from $33.00 to $38.00 in a research report on Friday, August 11th. Robert W. Baird boosted their target price on shares of Core & Main from $33.00 to $34.00 in a research report on Wednesday, June 7th. Finally, TheStreet upgraded shares of Core & Main from a “c” rating to a “b-” rating in a research report on Monday, July 24th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.80.

Core & Main Price Performance

Shares of NYSE:CNM opened at $32.96 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.42 and a current ratio of 2.71. The firm has a fifty day moving average price of $31.49 and a 200 day moving average price of $27.29. Core & Main, Inc. has a fifty-two week low of $18.75 and a fifty-two week high of $33.32. The firm has a market cap of $7.62 billion, a price-to-earnings ratio of 15.47 and a beta of 0.92.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, June 6th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. Core & Main had a net margin of 5.52% and a return on equity of 18.42%. The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the prior year, the business earned $0.74 earnings per share. Core & Main’s revenue for the quarter was down 1.5% on a year-over-year basis. As a group, sell-side analysts expect that Core & Main, Inc. will post 1.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Bradford A. Cowles sold 24,889 shares of the company’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $28.10, for a total transaction of $699,380.90. Following the completion of the transaction, the president now owns 14,679 shares in the company, valued at $412,479.90. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, President Bradford A. Cowles sold 24,889 shares of the company’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $28.10, for a total transaction of $699,380.90. Following the sale, the president now owns 14,679 shares of the company’s stock, valued at $412,479.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Cd&R Investment Associates X, sold 17,125,728 shares of the company’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $28.21, for a total transaction of $483,116,786.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,279,809 shares of company stock worth $487,651,108. 3.49% of the stock is owned by 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 accessories, installation, software, and other services.