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

Retirement Systems of Alabama boosted its position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 10.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 254,759 shares of the company's stock after buying an additional 23,277 shares during the period. Retirement Systems of Alabama owned 0.13% of Core & Main worth $11,311,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Rhumbline Advisers boosted its holdings in shares of Core & Main by 6.2% during the 2nd quarter. Rhumbline Advisers now owns 508,554 shares of the company's stock worth $24,889,000 after purchasing an additional 29,490 shares during the last quarter. Quest Partners LLC grew its holdings in Core & Main by 1,195,600.0% in the 3rd quarter. Quest Partners LLC now owns 11,957 shares of the company's stock valued at $531,000 after buying an additional 11,956 shares in the last quarter. Eagle Asset Management Inc. grew its holdings in Core & Main by 2.6% in the 3rd quarter. Eagle Asset Management Inc. now owns 1,720,496 shares of the company's stock valued at $74,979,000 after buying an additional 44,282 shares in the last quarter. South Street Advisors LLC acquired a new stake in shares of Core & Main in the 2nd quarter worth $8,427,000. Finally, Douglass Winthrop Advisors LLC raised its holdings in shares of Core & Main by 23.3% during the 3rd quarter. Douglass Winthrop Advisors LLC now owns 70,272 shares of the company's stock worth $3,120,000 after acquiring an additional 13,263 shares during the period. Institutional investors and hedge funds own 94.19% of the company's stock.

Insider Buying and Selling

In other news, EVP Jeffrey D. Giles sold 25,000 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $54.71, for a total value of $1,367,750.00. Following the transaction, the executive vice president now owns 11,615 shares in the company, valued at approximately $635,456.65. This represents a 68.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Margaret Newman sold 15,000 shares of the stock in a transaction that occurred 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 transaction, the director now owns 11,769 shares in the company, valued at $650,237.25. This represents a 56.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 290,000 shares of company stock valued at $15,926,000 in the last three months. 3.49% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CNM. Barclays raised their price objective on shares of Core & Main from $57.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 4th. Loop Capital lifted their price target on shares of Core & Main from $52.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday, December 4th. The Goldman Sachs Group raised their target price on Core & Main from $50.00 to $57.00 and gave the stock a "neutral" rating in a research note on Thursday, December 5th. Wells Fargo & Company lifted their target price on Core & Main from $52.00 to $62.00 and gave the company an "overweight" rating in a research report on Thursday, December 5th. Finally, JPMorgan Chase & Co. lowered their price target on Core & Main from $54.00 to $52.00 and set an "overweight" rating for the company in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $58.10.

Core & Main Trading Down 1.7 %

NYSE:CNM traded down $0.92 on Tuesday, reaching $51.99. 1,864,282 shares of the company's stock were exchanged, compared to its average volume of 2,581,868. The firm has a market capitalization of $10.46 billion, a price-to-earnings ratio of 24.41, a price-to-earnings-growth ratio of 2.95 and a beta of 1.04. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $62.15. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The business has a fifty day moving average of $46.93 and a 200-day moving average of $47.65.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.65 by $0.04. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The company had revenue of $2.04 billion during the quarter, compared to analysts' expectations of $1.99 billion. During the same quarter last year, the company posted $0.65 EPS. The firm's revenue was up 11.5% compared to the same quarter last year. As a group, analysts expect that Core & Main, Inc. will post 2.16 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.