Norges Bank Invests $108.27 Million in Core & Main, Inc. $CNM

Norges Bank purchased a new position in Core & Main, Inc. (NYSE:CNM) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,083,218 shares of the company’s stock, valued at approximately $108,265,000. Norges Bank owned about 1.07% of Core & Main at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Eurizon Capital SGR S.p.A. bought a new position in shares of Core & Main in the fourth quarter worth about $92,000. Intech Investment Management LLC bought a new position in shares of Core & Main in the fourth quarter worth about $526,000. Geode Capital Management LLC grew its holdings in shares of Core & Main by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 3,645,108 shares of the company’s stock worth $189,474,000 after purchasing an additional 84,657 shares during the last quarter. PGGM Investments grew its holdings in shares of Core & Main by 56.6% in the fourth quarter. PGGM Investments now owns 467,436 shares of the company’s stock worth $24,293,000 after purchasing an additional 168,936 shares during the last quarter. Finally, Nia Impact Advisors LLC grew its holdings in shares of Core & Main by 1.4% in the fourth quarter. Nia Impact Advisors LLC now owns 67,385 shares of the company’s stock worth $3,502,000 after purchasing an additional 948 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CNM. Barclays cut their price target on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating on the stock in a report on Wednesday, March 25th. Zacks Research cut shares of Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.64.

Insider Activity

In other Core & Main news, CFO Robyn L. Bradbury sold 5,000 shares of the stock in a transaction dated Friday, April 17th. The shares were 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 in the company, valued at $656,750. This represents a 28.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope bought 1,972 shares of the company’s stock in a transaction on Tuesday, April 7th. The shares were acquired at an average price of $50.70 per share, for a total transaction of $99,980.40. Following the completion of the acquisition, the director owned 6,939 shares in the company, valued at $351,807.30. This represents a 39.70% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 1.51% of the stock is owned by corporate insiders.

Core & Main Stock Up 0.6%

Shares of Core & Main stock opened at $52.41 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.63 and a quick ratio of 1.51. Core & Main, Inc. has a 1 year low of $43.96 and a 1 year high of $67.18. The firm’s 50-day moving average is $49.63 and its two-hundred day moving average is $51.89. The stock has a market cap of $10.20 billion, a price-to-earnings ratio of 22.69, a PEG ratio of 1.87 and a beta of 0.91.

Core & Main Company 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.