California State Teachers Retirement System Buys 40,050 Shares of Core & Main, Inc. $CNM

Key Points

• California State Teachers Retirement System increased its Core & Main stake by 22.3%, buying 40,050 shares to hold 219,934 shares valued at approximately $10.9 million.
• Institutional investors and hedge funds own 94.19% of Core & Main, while director James D. Hope also purchased 2,067 shares for about $95,000.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $56.70, compared with the stock’s recent opening price of $45.78.

California State Teachers Retirement System increased its position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 22.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 219,934 shares of the company's stock after purchasing an additional 40,050 shares during the period. California State Teachers Retirement System owned about 0.11% of Core & Main worth $10,865,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. EverSource Wealth Advisors LLC lifted its holdings 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 valued at $27,000 after acquiring an additional 269 shares during the period. TD Waterhouse Canada Inc. acquired a new stake in shares of Core & Main in the 4th quarter valued at $26,000. Whittier Trust Co. bought a new stake in shares of Core & Main in the 4th quarter worth about $28,000. Cubist Systematic Strategies LLC grew its holdings in shares of Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after purchasing an additional 524 shares during the last quarter. Finally, Quarry LP acquired a new stake in shares of Core & Main during the 4th quarter worth about $38,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on CNM. Wall Street Zen upgraded Core & Main from a "hold" rating to a "buy" rating in a research report on Saturday, July 25th. Citigroup decreased their target price on Core & Main from $54.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, June 11th. William Blair assumed coverage on Core & Main in a research note on Thursday, July 23rd. They issued a "market perform" rating for the company. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $24.00 price target on shares of Core & Main in a report on Thursday, June 11th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.70.

Core & Main Stock Up 4.1%

Shares of Core & Main stock opened at $45.78 on Tuesday. The company has a market capitalization of $8.86 billion, a P/E ratio of 19.40, a price-to-earnings-growth ratio of 1.51 and a beta of 0.92. 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 business has a 50-day moving average of $46.98 and a two-hundred day moving average of $50.30. Core & Main, Inc. has a 1 year low of $41.88 and a 1 year high of $67.18.

Insider Activity at Core & Main

In related news, Director James D. Hope bought 2,067 shares of the company's stock in a transaction that occurred on Monday, July 6th. The shares were acquired at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the acquisition, the director owned 11,805 shares of the company's stock, valued at approximately $543,148.05. The trade was a 21.23% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.51% of the stock is currently owned by corporate insiders.

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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