State of Alaska Department of Revenue Buys 3,900 Shares of Core & Main, Inc. (NYSE:CNM)

State of Alaska Department of Revenue raised its stake in Core & Main, Inc. (NYSE:CNM) by 21.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,405 shares of the company’s stock after acquiring an additional 3,900 shares during the period. State of Alaska Department of Revenue’s holdings in Core & Main were worth $994,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. ORG Partners LLC acquired a new stake in shares of Core & Main during the first quarter worth approximately $38,000. ORG Wealth Partners LLC bought a new position in Core & Main in the 3rd quarter valued at $31,000. GAMMA Investing LLC boosted its stake in 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 purchasing an additional 511 shares in the last quarter. Brown Brothers Harriman & Co. bought a new stake in shares of Core & Main during the second quarter worth $76,000. Finally, CWM LLC increased its stake in shares of Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after buying an additional 334 shares in the last quarter. 94.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Loop Capital lowered their price target on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, September 5th. Robert W. Baird increased their price target on Core & Main from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group decreased their price objective on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Royal Bank of Canada dropped their price target on Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Finally, Truist Financial dropped their price objective on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.20.

Core & Main Price Performance

Shares of NYSE CNM opened at $43.58 on Tuesday. Core & Main, Inc. has a 1-year low of $29.60 and a 1-year high of $62.15. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40. The firm has a market cap of $8.77 billion, a P/E ratio of 20.85, a price-to-earnings-growth ratio of 2.88 and a beta of 1.02. The business’s 50 day moving average is $44.00 and its 200-day moving average is $49.92.

Core & Main (NYSE:CNM) last posted its earnings results on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.05 billion. Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The firm’s revenue was up 5.5% compared to the same quarter last year. During the same period last year, the company posted $0.66 EPS. Equities research analysts predict that Core & Main, Inc. will post 2.1 earnings per share for the current year.

Core & Main Company 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.