AMF Tjanstepension AB Makes New Investment in Core & Main, Inc. $CNM

AMF Tjanstepension AB acquired a new stake in Core & Main, Inc. (NYSE:CNM) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 772,021 shares of the company’s stock, valued at approximately $41,558,000. AMF Tjanstepension AB owned 0.39% of Core & Main at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Geode Capital Management LLC grew its holdings in shares of Core & Main by 0.5% in the second quarter. Geode Capital Management LLC now owns 3,472,477 shares of the company’s stock valued at $209,597,000 after purchasing an additional 18,874 shares during the period. Bessemer Group Inc. boosted its holdings in Core & Main by 0.4% in the 2nd quarter. Bessemer Group Inc. now owns 3,371,475 shares of the company’s stock valued at $203,467,000 after purchasing an additional 14,244 shares during the last quarter. Amundi increased its holdings in shares of Core & Main by 2.8% during the 2nd quarter. Amundi now owns 3,357,973 shares of the company’s stock worth $186,955,000 after buying an additional 92,355 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Core & Main by 14.2% during the 2nd quarter. Handelsbanken Fonder AB now owns 2,823,433 shares of the company’s stock worth $170,394,000 after buying an additional 351,219 shares during the last quarter. Finally, Bank of America Corp DE raised its position in shares of Core & Main by 20.6% during the 2nd quarter. Bank of America Corp DE now owns 2,255,531 shares of the company’s stock valued at $136,121,000 after buying an additional 385,659 shares during the period. 94.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CNM has been the subject of several recent analyst reports. UBS Group initiated coverage on Core & Main in a research note on Monday, September 29th. They set a “buy” rating and a $65.00 target price for the company. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, December 11th. JPMorgan Chase & Co. upped their target price on shares of Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Citigroup lifted their price target on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Finally, Robert W. Baird boosted their price target on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Core & Main currently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

Core & Main Stock Performance

NYSE CNM opened at $58.59 on Friday. The company has a fifty day moving average of $52.77 and a two-hundred day moving average of $55.76. The company has a market capitalization of $11.45 billion, a PE ratio of 25.81, a P/E/G ratio of 2.33 and a beta of 0.98. Core & Main, Inc. has a 1 year low of $43.17 and a 1 year high of $67.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, December 9th. The company reported $0.72 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.72. The firm had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The business’s revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.69 EPS. As a group, analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Core & Main declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 9th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Core & Main Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.