Core & Main, Inc. (NYSE:CNM) Stake Boosted by State of Michigan Retirement System

State of Michigan Retirement System increased its stake in Core & Main, Inc. (NYSE:CNM) by 27.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,900 shares of the company’s stock after purchasing an additional 9,100 shares during the quarter. State of Michigan Retirement System’s holdings in Core & Main were worth $2,399,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Quadrant Capital Group LLC increased its stake in Core & Main by 74.5% in the 4th quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock worth $35,000 after purchasing an additional 365 shares in the last quarter. Rise Advisors LLC purchased a new position in Core & Main in the 1st quarter worth about $27,000. Quarry LP increased its stake in Core & Main by 87.0% in the 4th quarter. Quarry LP now owns 1,909 shares of the company’s stock worth $77,000 after purchasing an additional 888 shares in the last quarter. GAMMA Investing LLC purchased a new position in Core & Main in the 4th quarter worth about $41,000. Finally, National Bank of Canada FI increased its stake in Core & Main by 8.3% in the 4th quarter. National Bank of Canada FI now owns 13,000 shares of the company’s stock worth $515,000 after purchasing an additional 999 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Insider Buying and Selling

In related news, CFO Mark R. Witkowski sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $59.50, for a total value of $2,975,000.00. Following the completion of the sale, the chief financial officer now directly owns 23,898 shares in the company, valued at approximately $1,421,931. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Mark R. Witkowski sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $59.50, for a total transaction of $2,975,000.00. Following the completion of the transaction, the chief financial officer now directly owns 23,898 shares in the company, valued at $1,421,931. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO John Weldon Stephens sold 9,497 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $55.19, for a total value of $524,139.43. Following the transaction, the chief accounting officer now owns 4,281 shares of the company’s stock, valued at $236,268.39. The disclosure for this sale can be found here. In the last ninety days, insiders sold 165,000 shares of company stock worth $9,427,067. 3.49% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on CNM. Citigroup cut Core & Main from a “buy” rating to a “neutral” rating and lifted their target price for the company from $63.00 to $64.00 in a research note on Friday, April 5th. Loop Capital lifted their target price on Core & Main from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Barclays lifted their target price on Core & Main from $49.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. The Goldman Sachs Group lifted their target price on Core & Main from $42.00 to $61.00 and gave the company a “neutral” rating in a research note on Tuesday, March 26th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $60.00 target price on shares of Core & Main in a research note on Wednesday, June 5th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.90.

Core & Main Stock Up 1.0 %

Shares of Core & Main stock opened at $48.89 on Thursday. The firm has a market cap of $9.85 billion, a price-to-earnings ratio of 22.85, a P/E/G ratio of 1.85 and a beta of 1.06. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.14 and a quick ratio of 1.23. Core & Main, Inc. has a 52-week low of $27.75 and a 52-week high of $62.15. The stock has a 50-day simple moving average of $54.74 and a 200-day simple moving average of $49.88.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, June 4th. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.02). Core & Main had a return on equity of 20.01% and a net margin of 5.53%. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the firm posted $0.50 earnings per share. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities research analysts expect that Core & Main, Inc. will post 2.32 earnings per share for the current fiscal year.

About Core & Main

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.