54,700 Shares in Core & Main, Inc. $CNM Bought by Louisiana State Employees Retirement System

Key Points

• Louisiana State Employees Retirement System disclosed a new first-quarter stake in Core & Main, buying 54,700 shares valued at about $2.7 million.
• Core & Main’s latest earnings topped expectations, with EPS of $0.72 versus the $0.53 estimate and revenue of $1.91 billion slightly above forecasts.
• Analysts remain generally positive on CNM, with a Moderate Buy consensus and an average price target of $57.73, though several firms recently trimmed targets.

Louisiana State Employees Retirement System acquired a new stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 54,700 shares of the company's stock, valued at approximately $2,702,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CNM. TD Waterhouse Canada Inc. bought a new stake in Core & Main during the 4th quarter valued at about $26,000. EverSource Wealth Advisors LLC lifted its stake in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock worth $27,000 after buying an additional 269 shares during the period. Whittier Trust Co. purchased a new stake in Core & Main in the fourth quarter valued at approximately $28,000. Cubist Systematic Strategies LLC boosted its holdings in Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after purchasing an additional 524 shares during the last quarter. Finally, Quarry LP purchased a new stake in Core & Main in the 4th quarter worth approximately $38,000. 94.19% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director James D. Hope purchased 1,972 shares of the company's stock in a transaction on Tuesday, April 7th. The stock was bought at an average price of $50.70 per share, with a total value of $99,980.40. Following the completion of the transaction, the director owned 6,939 shares of the company's stock, valued at approximately $351,807.30. This represents a 39.70% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robyn L. Bradbury sold 5,000 shares of Core & Main stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $52.54, for a total transaction of $262,700.00. Following the sale, the chief financial officer owned 12,500 shares of the company's stock, valued at approximately $656,750. This trade represents a 28.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.51% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CNM. Barclays dropped their target price on Core & Main from $63.00 to $62.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 25th. Citigroup decreased their target price on shares of Core & Main from $54.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, June 11th. The Goldman Sachs Group restated a "neutral" rating and issued a $24.00 price objective on shares of Core & Main in a report on Thursday, June 11th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Core & Main from $65.00 to $62.00 and set a "buy" rating for the company in a research note on Wednesday, March 25th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $57.73.

Core & Main Stock Down 0.3%

CNM stock opened at $48.98 on Monday. The company has a fifty day moving average price of $48.96 and a 200 day moving average price of $52.04. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.31 and a quick ratio of 1.31. The company has a market cap of $9.48 billion, a price-to-earnings ratio of 20.76, a price-to-earnings-growth ratio of 1.70 and a beta of 0.91. Core & Main, Inc. has a 12 month low of $43.96 and a 12 month high of $67.18.

Core & Main (NYSE:CNM - Get Free Report) last announced its earnings results on Wednesday, June 10th. The company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.19. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. Core & Main had a return on equity of 26.17% and a net margin of 5.87%.The company's revenue was down .1% on a year-over-year basis. During the same period last year, the business posted $0.52 EPS. Sell-side analysts expect that Core & Main, Inc. will post 3.06 earnings per share for the current year.

About Core & Main

Core & Main, Inc NYSE: CNM is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company's product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.

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