California State Teachers Retirement System Has $10.53 Million Holdings in Core & Main, Inc. $CNM

Key Points

• California State Teachers Retirement System reduced its Core & Main stake by 0.8% in the second quarter, selling 1,650 shares and retaining 218,284 shares worth approximately $10.53 million. Institutional investors collectively own 94.19% of the company.
• Analysts maintain a generally positive outlook, with eight Buy ratings and six Holds producing a consensus “Moderate Buy” rating and an average price target of $55.64, despite several recent target reductions.
• Core & Main exceeded quarterly expectations, reporting $0.94 in earnings per share versus a $0.91 estimate and $2.15 billion in revenue. Shares recently traded at $40.95, near the company’s 52-week low of $40.03.

California State Teachers Retirement System decreased its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 0.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 218,284 shares of the company's stock after selling 1,650 shares during the quarter. California State Teachers Retirement System owned approximately 0.11% of Core & Main worth $10,532,203 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Root Financial Partners LLC boosted its position in Core & Main by 111.6% during the first quarter. Root Financial Partners LLC now owns 895 shares of the company's stock worth $44,000 after purchasing an additional 472 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Core & Main by 377.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,679 shares of the company's stock valued at $87,000 after acquiring an additional 1,327 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new position in Core & Main in the fourth quarter worth approximately $92,000. Covestor Ltd increased its holdings in shares of Core & Main by 30.8% during the fourth quarter. Covestor Ltd now owns 1,913 shares of the company's stock valued at $99,000 after acquiring an additional 450 shares in the last quarter. Finally, Leonteq Securities AG acquired a new position in shares of Core & Main in the fourth quarter worth about $185,000. Institutional investors own 94.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CNM shares. William Blair initiated coverage on Core & Main in a research note on Thursday, July 23rd. They issued a "market perform" rating for the company. Citigroup cut their price target on Core & Main from $53.00 to $46.00 and set a "neutral" rating for the company in a research note on Friday. Deutsche Bank Aktiengesellschaft set a $55.00 target price on Core & Main in a report on Thursday, September 10th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $53.00 target price on shares of Core & Main in a research report on Thursday, September 10th. Finally, Robert W. Baird lowered their price objective on shares of Core & Main from $66.00 to $57.00 and set an "outperform" rating for the company in a research report on Thursday, September 10th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $55.64.

Core & Main Price Performance

Shares of Core & Main stock traded up $0.14 on Tuesday, reaching $40.95. The company's stock had a trading volume of 1,424,283 shares, compared to its average volume of 2,382,007. Core & Main, Inc. has a 52-week low of $40.03 and a 52-week high of $59.66. The company has a market capitalization of $7.92 billion, a P/E ratio of 16.85, a PEG ratio of 1.70 and a beta of 0.91. The stock has a 50-day moving average price of $44.38 and a 200-day moving average price of $47.67. The company has a quick ratio of 1.51, a current ratio of 2.47 and a debt-to-equity ratio of 1.16.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings results on Wednesday, September 9th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.91 by $0.03. The firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.14 billion. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. Core & Main's revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.87 EPS. Analysts expect that Core & Main, Inc. will post 3 EPS for the current year.

Insider Activity at Core & Main

In related news, Director James Hope purchased 2,067 shares of Core & Main 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 transaction, the director directly owned 11,805 shares in the company, valued at approximately $543,148.05. This represents a 21.23% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.51% of the company's stock.

About Core & Main

Core & Main, Inc NYSE: CNM is a specialized distributor of water, wastewater, storm drainage and fire protection products in the United States. The company supplies infrastructure materials used in the construction, maintenance and repair of public and private utility systems.

Its product offerings include ductile iron and PVC pipe, valves, hydrants, water meters, storm drainage systems, pipe fittings, fire protection equipment and related products. Core & Main also provides services such as product sourcing, technical support, fabrication, field assistance and inventory management to help customers complete infrastructure projects.

Core & Main serves municipalities, utility contractors, water and wastewater authorities, private water companies, civil and site-development contractors, and other industrial customers through a nationwide distribution network.

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