Public Employees Retirement System of Ohio Acquires New Shares in Core & Main, Inc. $CNM

Key Points

• Public Employees Retirement System of Ohio acquired 63,086 Core & Main shares in the second quarter, valued at approximately $3.04 million. Institutional investors collectively own 94.19% of CNM.
• Core & Main shares opened at $44.37, with a market capitalization of about $8.59 billion and a 52-week trading range of $41.55 to $67.18.
• Analyst sentiment remains favorable but mixed, with seven Buy and six Hold ratings producing a “Moderate Buy” consensus and an average price target of $56.70.

Public Employees Retirement System of Ohio acquired a new position in Core & Main, Inc. (NYSE:CNM - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 63,086 shares of the company's stock, valued at approximately $3,044,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CNM. Cullen Capital Management LLC acquired a new position in shares of Core & Main in the 2nd quarter valued at $643,000. Madison Asset Management LLC acquired a new position in Core & Main in the second quarter valued at about $5,590,000. Foster & Motley Inc. purchased a new position in Core & Main during the second quarter worth about $1,282,000. Wedge Capital Management L L P NC boosted its stake in Core & Main by 25.2% during the second quarter. Wedge Capital Management L L P NC now owns 268,079 shares of the company's stock worth $12,935,000 after buying an additional 53,922 shares during the period. Finally, Dynamic Advisor Solutions LLC acquired a new stake in shares of Core & Main during the second quarter valued at about $335,000. Hedge funds and other institutional investors own 94.19% of the company's stock.

Insider Activity

In related news, Director James Hope acquired 2,067 shares of Core & Main stock in a transaction on Monday, July 6th. The stock was purchased at an average cost of $46.01 per share, with a total value of $95,102.67. Following the purchase, the director directly owned 11,805 shares in the company, valued at approximately $543,148.05. The trade was a 21.23% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.51% of the stock is currently owned by corporate insiders.

Core & Main Trading Up 0.9%

NYSE CNM opened at $44.37 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.31 and a current ratio of 2.31. The firm has a market cap of $8.59 billion, a PE ratio of 18.80, a P/E/G ratio of 1.52 and a beta of 0.91. Core & Main, Inc. has a one year low of $41.55 and a one year high of $67.18. The firm's fifty day moving average is $44.88 and its two-hundred day moving average is $48.34.

Analyst Upgrades and Downgrades

CNM has been the topic of a number of research analyst reports. Citigroup reduced their price target on shares of Core & Main from $54.00 to $53.00 and set a "neutral" rating on the stock in a research note on Thursday, June 11th. The Goldman Sachs Group restated a "neutral" rating and set a $24.00 price target on shares of Core & Main in a report on Thursday, June 11th. Wall Street Zen downgraded shares of Core & Main from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. William Blair started coverage on Core & Main in a report on Thursday, July 23rd. They issued a "market perform" rating on the stock. Finally, Northcoast Research lowered shares of Core & Main from a "buy" rating to a "neutral" rating in a research note on Wednesday, August 26th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $56.70.

Core & Main Company 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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