Nordea Investment Management AB Takes $7.96 Million Position in Core & Main, Inc. (NYSE:CNM)

Nordea Investment Management AB acquired a new position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 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 SEC filing.

Several other large investors have also made changes to their positions in CNM. PointState Capital LP acquired a new stake in Core & Main during the third quarter worth about $100,013,000. FMR LLC grew its holdings in shares of Core & Main by 28.0% during the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company's stock worth $386,151,000 after purchasing an additional 1,903,280 shares during the period. Impax Asset Management Group plc grew its holdings in shares of Core & Main by 373.0% during the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company's stock worth $89,416,000 after purchasing an additional 1,588,117 shares during the period. Spruce House Investment Management LLC raised its holdings in Core & Main by 400.0% in 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 buying an additional 1,200,000 shares during the period. Finally, Pacer Advisors Inc. lifted its position in Core & Main by 37.1% during the second quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company's stock valued at $205,974,000 after buying an additional 1,137,817 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CNM shares. Barclays increased their price objective on shares of Core & Main from $57.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 4th. Wells Fargo & Company increased their price target on Core & Main from $52.00 to $62.00 and gave the company an "overweight" rating in a report on Thursday, December 5th. Robert W. Baird boosted their price objective on Core & Main from $60.00 to $66.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. The Goldman Sachs Group increased their target price on Core & Main from $50.00 to $57.00 and gave the company a "neutral" rating in a research note on Thursday, December 5th. Finally, Truist Financial boosted their price target on Core & Main from $38.00 to $56.00 and gave the stock a "hold" rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.30.

Insider Activity at Core & Main

In other news, Director Margaret Newman sold 15,000 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $55.25, for a total value of $828,750.00. Following the transaction, the director now directly owns 11,769 shares in the company, valued at approximately $650,237.25. This trade represents a 56.03 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Stephen O. Leclair sold 200,000 shares of the business's stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the sale, the chief executive officer now directly owns 92,349 shares of the company's stock, valued at approximately $5,068,113.12. This represents a 68.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 290,000 shares of company stock valued at $15,926,000 over the last three months. 3.49% of the stock is owned by insiders.

Core & Main Stock Down 1.3 %

Shares of CNM stock traded down $0.66 during mid-day trading on Friday, reaching $50.52. 1,521,469 shares of the company were exchanged, compared to its average volume of 1,516,812. The company has a market capitalization of $10.04 billion, a P/E ratio of 23.72, a P/E/G ratio of 2.95 and a beta of 1.02. The business's 50 day simple moving average is $49.07 and its 200 day simple moving average is $47.80. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. 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 - Get Free Report) last announced its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04. The company had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm's revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period last year, the business earned $0.65 EPS. Research analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current year.

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.