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

Retirement Systems of Alabama grew its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 8.1% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 231,482 shares of the company's stock after purchasing an additional 17,276 shares during the quarter. Retirement Systems of Alabama owned approximately 0.11% of Core & Main worth $11,329,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in Core & Main during the second quarter worth $240,000. Fifth Third Wealth Advisors LLC purchased a new position in shares of Core & Main in the second quarter valued at $253,000. Fifth Third Bancorp grew its position in shares of Core & Main by 41.1% in the second quarter. Fifth Third Bancorp now owns 13,051 shares of the company's stock valued at $639,000 after purchasing an additional 3,799 shares in the last quarter. Raymond James & Associates boosted its stake in Core & Main by 3.6% during the second quarter. Raymond James & Associates now owns 436,144 shares of the company's stock valued at $21,345,000 after buying an additional 15,091 shares during the period. Finally, Hedeker Wealth LLC bought a new stake in Core & Main during the second quarter valued at $686,000. Institutional investors own 94.19% of the company's stock.

Core & Main Stock Up 3.1 %

Shares of CNM stock traded up $1.61 during midday trading on Friday, reaching $52.87. 1,073,072 shares of the stock were exchanged, compared to its average volume of 2,412,718. Core & Main, Inc. has a 1 year low of $27.75 and a 1 year high of $62.15. The company's 50 day moving average is $50.53 and its two-hundred day moving average is $52.50. The company has a current ratio of 2.14, a quick ratio of 1.23 and a debt-to-equity ratio of 1.46. The firm has a market cap of $10.65 billion, a PE ratio of 24.71, a price-to-earnings-growth ratio of 1.92 and a beta of 1.06.

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

Analyst Upgrades and Downgrades

CNM has been the subject of several research analyst reports. Royal Bank of Canada reaffirmed an "outperform" rating and set a $60.00 price target on shares of Core & Main in a research note on Wednesday, June 5th. Truist Financial lowered their target price on Core & Main from $56.00 to $50.00 and set a "hold" rating for the company in a research note on Wednesday, June 5th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $52.90.

Insiders Place Their Bets

In related news, Director James G. Castellano sold 12,500 shares of the company's stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $52.22, for a total value of $652,750.00. Following the sale, the director now owns 11,769 shares in the company, valued at approximately $614,577.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.49% of the company's stock.

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.