Retirement Systems of Alabama Decreases Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Retirement Systems of Alabama lowered its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 8.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 234,243 shares of the company's stock after selling 20,516 shares during the period. Retirement Systems of Alabama owned 0.12% of Core & Main worth $11,925,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of CNM. PointState Capital LP acquired a new position in shares of Core & Main during the third quarter worth $100,013,000. FMR LLC increased its position in shares of Core & Main by 28.0% in the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company's stock valued at $386,151,000 after acquiring an additional 1,903,280 shares during the period. Impax Asset Management Group plc increased its position in shares of Core & Main by 373.0% in the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company's stock valued at $89,416,000 after acquiring an additional 1,588,117 shares during the period. Spruce House Investment Management LLC increased its position in shares of Core & Main by 400.0% in the 3rd quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company's stock valued at $66,600,000 after acquiring an additional 1,200,000 shares during the period. Finally, Zimmer Partners LP increased its position in shares of Core & Main by 535.6% in the 3rd quarter. Zimmer Partners LP now owns 1,303,000 shares of the company's stock valued at $57,853,000 after acquiring an additional 1,098,000 shares during the period. Hedge funds and other institutional investors own 94.19% of the company's stock.

Core & Main Price Performance

Core & Main stock traded up $0.15 during midday trading on Tuesday, reaching $54.85. The company had a trading volume of 771,573 shares, compared to its average volume of 1,545,436. The company has a market capitalization of $10.90 billion, a P/E ratio of 25.75, a P/E/G ratio of 2.75 and a beta of 1.03. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $62.15. The firm's fifty day simple moving average is $53.45 and its 200-day simple moving average is $48.53. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28.

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

Insider Transactions at Core & Main

In related news, President Bradford A. Cowles sold 50,000 shares of Core & Main stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $55.07, for a total value of $2,753,500.00. Following the completion of the sale, the president now owns 18,423 shares in the company, valued at approximately $1,014,554.61. This trade represents a 73.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Stephen O. Leclair sold 200,000 shares of Core & Main stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the completion of the sale, the chief executive officer now owns 92,349 shares of the company's stock, valued at $5,068,113.12. This trade represents a 68.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 427,426 shares of company stock worth $22,923,825 in the last 90 days. Insiders own 3.49% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CNM shares. Royal Bank of Canada reaffirmed an "outperform" rating and set a $62.00 price target (up from $53.00) on shares of Core & Main in a research report on Wednesday, December 4th. The Goldman Sachs Group increased their price target on Core & Main from $50.00 to $57.00 and gave the stock a "neutral" rating in a research report on Thursday, December 5th. Robert W. Baird increased their price target on Core & Main from $60.00 to $66.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Citigroup increased their price target on Core & Main from $43.00 to $56.00 and gave the stock a "neutral" rating in a research report on Monday, January 6th. Finally, Truist Financial increased their target price on shares of Core & Main from $38.00 to $56.00 and gave the stock a "hold" rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $57.60.

Core & Main Profile

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.