Norges Bank Purchases Shares of 2,083,218 Core & Main, Inc. $CNM

Norges Bank purchased a new stake in shares of Core & Main, Inc. (NYSE:CNM) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,083,218 shares of the company’s stock, valued at approximately $108,265,000.

Several other hedge funds have also modified their holdings of the company. Modern Wealth Management LLC lifted its position in shares of Core & Main by 5.8% during the third quarter. Modern Wealth Management LLC now owns 3,970 shares of the company’s stock valued at $214,000 after buying an additional 218 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Core & Main by 13.8% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,959 shares of the company’s stock valued at $109,000 after buying an additional 237 shares during the last quarter. Johnson Investment Counsel Inc. lifted its position in shares of Core & Main by 0.6% during the third quarter. Johnson Investment Counsel Inc. now owns 43,070 shares of the company’s stock valued at $2,318,000 after buying an additional 244 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after buying an additional 269 shares during the last quarter. Finally, Steph & Co. lifted its position in shares of Core & Main by 36.6% during the fourth quarter. Steph & Co. now owns 1,037 shares of the company’s stock valued at $54,000 after buying an additional 278 shares during the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Core & Main

In related news, Director James D. Hope acquired 1,972 shares of the firm’s stock in a transaction that occurred on Tuesday, April 7th. The stock was purchased at an average cost of $50.70 per share, with a total value of $99,980.40. Following the transaction, the director directly owned 6,939 shares of the company’s stock, valued at $351,807.30. This trade represents a 39.70% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Robyn L. Bradbury sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $52.54, for a total transaction of $262,700.00. Following the transaction, the chief financial officer directly owned 12,500 shares of the company’s stock, valued at $656,750. This represents a 28.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.51% of the company’s stock.

Core & Main Stock Performance

Shares of Core & Main stock opened at $52.41 on Friday. The firm has a market capitalization of $10.20 billion, a P/E ratio of 22.69, a PEG ratio of 1.87 and a beta of 0.91. The company has a quick ratio of 1.51, a current ratio of 2.63 and a debt-to-equity ratio of 1.02. The company has a 50 day moving average price of $49.63 and a 200 day moving average price of $51.89. Core & Main, Inc. has a 52 week low of $43.96 and a 52 week high of $67.18.

Wall Street Analysts Forecast Growth

CNM has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Barclays decreased their price objective on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Wednesday, March 25th. Finally, Zacks Research lowered shares of Core & Main from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 9th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $61.64.

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.