Texas Permanent School Fund Corp Lowers Stock Position in Core & Main, Inc. (NYSE:CNM)

Texas Permanent School Fund Corp trimmed its position in Core & Main, Inc. (NYSE:CNM) by 7.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,831 shares of the company’s stock after selling 11,459 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Core & Main were worth $6,745,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CNM. Norges Bank purchased a new stake in shares of Core & Main in the fourth quarter worth $69,282,000. Forest Avenue Capital Management LP bought a new stake in Core & Main during the fourth quarter valued at about $13,085,000. Charles Schwab Investment Management Inc. lifted its position in shares of Core & Main by 27.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,348,537 shares of the company’s stock valued at $54,494,000 after acquiring an additional 286,513 shares in the last quarter. Chesapeake Capital Corp IL bought a new position in shares of Core & Main in the fourth quarter worth about $962,000. Finally, American International Group Inc. grew its position in shares of Core & Main by 20,185.1% during the fourth quarter. American International Group Inc. now owns 184,594 shares of the company’s stock worth $7,459,000 after purchasing an additional 183,684 shares in the last quarter. Institutional investors own 94.19% of the company’s stock.

Insider Activity at Core & Main

In other Core & Main news, Director James G. Castellano sold 12,500 shares of Core & Main stock in a transaction on Monday, July 15th. The shares were sold at an average price of $52.22, for a total transaction of $652,750.00. Following the completion of the transaction, the director now directly owns 11,769 shares of the company’s stock, valued at $614,577.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.49% of the stock is currently owned by insiders.

Core & Main Stock Up 1.8 %

Shares of NYSE CNM opened at $38.80 on Thursday. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40. Core & Main, Inc. has a 12-month low of $27.75 and a 12-month high of $62.15. The firm’s 50-day moving average price is $49.05 and its 200-day moving average price is $52.49. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 18.13, a P/E/G ratio of 2.41 and a beta of 1.04.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Wednesday, September 4th. The company reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). The company had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the company earned $0.66 earnings per share. On average, equities research analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main declared that its board has approved a share repurchase program on Wednesday, June 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms recently commented on CNM. Bank of America lowered their price target on Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Thursday, September 5th. The Goldman Sachs Group dropped their target price on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Royal Bank of Canada reduced their price target on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Barclays dropped their price objective on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, September 5th. Finally, Truist Financial reduced their target price on Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $49.30.

Core & Main 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.