Core & Main, Inc. $CNM Shares Bought by Illinois Municipal Retirement Fund

Key Points

• Illinois Municipal Retirement Fund increased its stake in Core & Main by 27.8% in the first quarter, ending with 111,989 shares worth about $5.53 million.
• Institutional ownership remains very high, with hedge funds and other institutions holding 94.19% of the company’s stock, while several other firms also recently raised their positions.
• Core & Main shares were down 0.9% to $45.38, and analysts currently rate the stock a Moderate Buy with a consensus price target of $57.73.

Illinois Municipal Retirement Fund increased its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 27.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 111,989 shares of the company's stock after buying an additional 24,333 shares during the quarter. Illinois Municipal Retirement Fund owned about 0.06% of Core & Main worth $5,532,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Deutsche Bank AG boosted its position in Core & Main by 1.1% during the 4th quarter. Deutsche Bank AG now owns 17,859 shares of the company's stock worth $928,000 after purchasing an additional 190 shares during the period. Whittier Trust Co. of Nevada Inc. raised its position in Core & Main by 13.8% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,959 shares of the company's stock valued at $109,000 after purchasing an additional 237 shares during the period. Fifth Third Wealth Advisors LLC lifted its stake in shares of Core & Main by 4.8% during the first quarter. Fifth Third Wealth Advisors LLC now owns 5,726 shares of the company's stock worth $283,000 after purchasing an additional 261 shares in the last quarter. 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 purchasing an additional 269 shares in the last quarter. Finally, Steph & Co. boosted its position in shares of Core & Main by 36.6% in the fourth quarter. Steph & Co. now owns 1,037 shares of the company's stock worth $54,000 after buying an additional 278 shares during the period. Institutional investors and hedge funds own 94.19% of the company's stock.

Core & Main Stock Down 0.9%

Shares of Core & Main stock opened at $45.38 on Friday. Core & Main, Inc. has a 1-year low of $43.96 and a 1-year high of $67.18. The company has a market capitalization of $8.78 billion, a PE ratio of 19.23, a P/E/G ratio of 1.59 and a beta of 0.91. 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 $47.73 and a 200-day moving average of $51.15.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CNM shares. Citigroup dropped 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. The Goldman Sachs Group restated a "neutral" rating and issued a $24.00 price target on shares of Core & Main in a report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Core & Main from $65.00 to $62.00 and set a "buy" rating for the company in a research report on Wednesday, March 25th. Finally, Barclays reduced their target price on shares of Core & Main from $63.00 to $62.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 25th. Seven equities research 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 stock presently has an average rating of "Moderate Buy" and a consensus target price of $57.73.

Insiders Place Their Bets

In other Core & Main news, Director James D. Hope acquired 2,067 shares of the company's stock in a transaction on Monday, July 6th. The shares were bought at an average cost of $46.01 per share, for a total transaction of $95,102.67. Following the acquisition, the director directly owned 11,805 shares of the company's stock, valued at $543,148.05. This trade represents a 21.23% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.51% of the stock is currently owned by company insiders.

Core & Main Profile

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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