California Public Employees Retirement System Has $13.28 Million Stock Position in Core & Main, Inc. (NYSE:CNM)

California Public Employees Retirement System lowered its stake in Core & Main, Inc. (NYSE:CNM) by 28.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 260,788 shares of the company’s stock after selling 104,976 shares during the quarter. California Public Employees Retirement System owned about 0.13% of Core & Main worth $13,277,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Schroder Investment Management Group increased its position in shares of Core & Main by 1,259.4% in the fourth quarter. Schroder Investment Management Group now owns 556,891 shares of the company’s stock valued at $28,351,000 after acquiring an additional 515,925 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in Core & Main during the 4th quarter worth $1,227,000. Norges Bank bought a new position in Core & Main in the 4th quarter valued at about $99,734,000. Caisse Des Depots ET Consignations acquired a new stake in shares of Core & Main in the 4th quarter valued at $999,000. Finally, JPMorgan Chase & Co. grew its position in Core & Main by 0.3% in the fourth quarter. JPMorgan Chase & Co. now owns 2,847,032 shares of the company’s stock valued at $144,942,000 after acquiring an additional 7,633 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Stock Performance

Shares of CNM stock opened at $46.12 on Friday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. The firm has a market cap of $9.13 billion, a price-to-earnings ratio of 21.65, a P/E/G ratio of 2.61 and a beta of 1.05. Core & Main, Inc. has a 52 week low of $37.22 and a 52 week high of $62.15. The firm’s 50-day simple moving average is $51.06 and its two-hundred day simple moving average is $49.15.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period last year, the firm posted $0.34 EPS. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. As a group, equities analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Core & Main in a report on Tuesday, April 1st. They set a “buy” rating and a $60.00 price target for the company. Royal Bank of Canada decreased their price target on Core & Main from $62.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. Citigroup increased their price target on Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Robert W. Baird dropped their price target on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. Finally, Wells Fargo & Company raised their price target on shares of Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $57.55.

Insider Transactions at Core & Main

In related news, CAO John Weldon Stephens sold 41,963 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $50.48, for a total value of $2,118,292.24. Following the completion of the transaction, the chief accounting officer now directly owns 4,120 shares of the company’s stock, valued at approximately $207,977.60. This trade represents a 91.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Mark G. Whittenburg sold 1,974 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $55.29, for a total transaction of $109,142.46. Following the sale, the general counsel now directly owns 7,667 shares in the company, valued at $423,908.43. The trade was a 20.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 226,257 shares of company stock worth $11,501,977. 3.49% of the stock is owned by company insiders.

About Core & Main

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.