State of New Jersey Common Pension Fund D Sells 9,762 Shares of Core & Main, Inc. $CNM

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Core & Main, Inc. (NYSE:CNM) by 13.2% in the first quarter, owning 64,259 shares valued at approximately $3.1 million.
• Core & Main reported a revenue of $1.91 billion for the last quarter, exceeding analysts' expectations, with a year-over-year growth of 9.8%.
• Analysts have raised target prices for Core & Main, with estimates now ranging from $56 to $70, reflecting a generally favorable outlook for the company's performance.

State of New Jersey Common Pension Fund D decreased its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 13.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 64,259 shares of the company's stock after selling 9,762 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Core & Main were worth $3,104,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Ethic Inc. raised its holdings in Core & Main by 88.0% in the first quarter. Ethic Inc. now owns 19,211 shares of the company's stock worth $949,000 after purchasing an additional 8,994 shares in the last quarter. Brandywine Global Investment Management LLC raised its holdings in Core & Main by 21.4% in the first quarter. Brandywine Global Investment Management LLC now owns 151,605 shares of the company's stock worth $7,324,000 after purchasing an additional 26,706 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Core & Main by 12.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,232,542 shares of the company's stock worth $107,857,000 after purchasing an additional 244,500 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in Core & Main by 211,800.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 2,119 shares of the company's stock worth $102,000 after purchasing an additional 2,118 shares in the last quarter. Finally, HighTower Advisors LLC raised its holdings in Core & Main by 11.2% in the first quarter. HighTower Advisors LLC now owns 11,931 shares of the company's stock worth $576,000 after purchasing an additional 1,204 shares in the last quarter. Institutional investors own 94.19% of the company's stock.

Analyst Ratings Changes

CNM has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. Royal Bank Of Canada raised their price target on Core & Main from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Tuesday, June 10th. Wells Fargo & Company raised their price target on Core & Main from $65.00 to $70.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Loop Capital restated a "hold" rating and set a $68.00 price target on shares of Core & Main in a report on Monday, July 28th. Finally, Citigroup raised their price target on Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a report on Tuesday, June 10th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Core & Main presently has an average rating of "Hold" and a consensus target price of $60.00.

Insider Buying and Selling

In other news, General Counsel Mark G. Whittenburg sold 49,100 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $60.03, for a total transaction of $2,947,473.00. Following the sale, the general counsel directly owned 9,691 shares of the company's stock, valued at $581,750.73. This represents a 83.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James G. Castellano sold 43,994 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $61.98, for a total value of $2,726,748.12. Following the sale, the director directly owned 4,638 shares in the company, valued at $287,463.24. This trade represents a 90.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 528,445 shares of company stock worth $32,453,755 in the last quarter. 3.53% of the stock is owned by insiders.

Core & Main Stock Performance

Shares of CNM stock traded down $0.82 during trading hours on Monday, reaching $64.67. 360,511 shares of the company traded hands, compared to its average volume of 1,953,781. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.96 and a quick ratio of 1.10. The firm has a 50-day moving average price of $62.26 and a 200 day moving average price of $55.24. The company has a market cap of $12.75 billion, a P/E ratio of 30.12, a P/E/G ratio of 1.93 and a beta of 1.04. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $66.27.

Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 EPS for the quarter, hitting analysts' consensus estimates of $0.52. Core & Main had a return on equity of 23.55% and a net margin of 5.47%.The company had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.84 billion. During the same period in the previous year, the firm earned $0.49 EPS. The firm's revenue was up 9.8% compared to the same quarter last year. Core & Main has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

About Core & Main

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.