Core & Main, Inc. (NYSE:CNM) Position Boosted by Retirement Systems of Alabama

Retirement Systems of Alabama grew its holdings in Core & Main, Inc. (NYSE:CNMFree Report) by 10.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 254,759 shares of the company’s stock after purchasing an additional 23,277 shares during the period. Retirement Systems of Alabama owned about 0.13% of Core & Main worth $11,311,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CNM. Ashton Thomas Securities LLC acquired a new position in Core & Main in the 3rd quarter valued at approximately $26,000. ORG Wealth Partners LLC acquired a new stake in shares of Core & Main during the 3rd quarter valued at $31,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Core & Main during the 3rd quarter valued at $49,000. GAMMA Investing LLC increased its stake in shares of Core & Main by 61.1% in the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after acquiring an additional 511 shares during the last quarter. Finally, Brown Brothers Harriman & Co. purchased a new stake in shares of Core & Main during the second quarter worth $76,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, President Bradford A. Cowles sold 50,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $55.07, for a total transaction of $2,753,500.00. Following the transaction, the president now owns 18,423 shares of the company’s stock, valued at approximately $1,014,554.61. The trade was a 73.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Margaret Newman sold 15,000 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $55.25, for a total transaction of $828,750.00. Following the completion of the sale, the director now directly owns 11,769 shares of the company’s stock, valued at approximately $650,237.25. This trade represents a 56.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 290,000 shares of company stock valued at $15,926,000. Insiders own 3.49% of the company’s stock.

Core & Main Price Performance

NYSE CNM opened at $52.91 on Tuesday. Core & Main, Inc. has a 1 year low of $37.22 and a 1 year high of $62.15. The company has a fifty day simple moving average of $46.74 and a 200 day simple moving average of $47.69. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. The company has a market cap of $10.64 billion, a P/E ratio of 24.84, a P/E/G ratio of 2.95 and a beta of 1.04.

Core & Main (NYSE:CNMGet Free Report) last released its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. The firm 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 business’s revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.65 EPS. On average, sell-side analysts predict that Core & Main, Inc. will post 2.16 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have commented on CNM shares. Barclays boosted their target price on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Royal Bank of Canada restated an “outperform” rating and issued a $62.00 price objective (up previously from $53.00) on shares of Core & Main in a report on Wednesday, December 4th. Wells Fargo & Company raised their price objective on shares of Core & Main from $52.00 to $62.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Bank of America decreased their target price on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. Finally, Loop Capital lifted their price objective on shares of Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and a consensus price target of $58.10.

Read Our Latest Analysis on CNM

About Core & Main

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Core & Main (NYSE:CNM)

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