VIRGINIA RETIREMENT SYSTEMS ET Al Sells 54,800 Shares of Core & Main, Inc. $CNM

Key Points

• Virginia Retirement Systems reduced its Core & Main stake by 59.3% in the third quarter, selling 54,800 shares and retaining 37,650 shares valued at about $1.56 million.
• Analysts have a “Moderate Buy” consensus on the stock, with an average price target of $54.27; eight rate it Buy, five Hold, and one Sell.
• Core & Main beat quarterly estimates, reporting EPS of $0.94 versus $0.91 expected and revenue of $2.15 billion versus $2.14 billion; revenue rose 2.5% year over year.

VIRGINIA RETIREMENT SYSTEMS ET Al cut its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 59.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 37,650 shares of the company's stock after selling 54,800 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Core & Main were worth $1,562,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its holdings in shares of Core & Main by 22.3% during the 1st quarter. California State Teachers Retirement System now owns 219,934 shares of the company's stock worth $10,865,000 after acquiring an additional 40,050 shares during the period. KBC Group NV grew its holdings in Core & Main by 4.5% in the first quarter. KBC Group NV now owns 2,737,992 shares of the company's stock valued at $135,257,000 after purchasing an additional 119,076 shares during the period. Wellington Management Group LLP grew its holdings in Core & Main by 52.5% in the second quarter. Wellington Management Group LLP now owns 251,724 shares of the company's stock valued at $12,146,000 after purchasing an additional 86,672 shares during the period. Bornite Capital Management LP purchased a new stake in Core & Main in the second quarter valued at approximately $36,622,000. Finally, Foster & Motley Inc. acquired a new position in Core & Main during the second quarter worth approximately $1,282,000. 94.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Barclays cut their price target on shares of Core & Main from $62.00 to $61.00 and set an "overweight" rating on the stock in a research note on Thursday, September 10th. Wells Fargo & Company decreased their price target on shares of Core & Main from $65.00 to $48.00 and set an "overweight" rating on the stock in a report on Thursday, September 10th. William Blair started coverage on shares of Core & Main in a research note on Thursday, July 23rd. They set a "market perform" rating for the company. The Goldman Sachs Group restated a "neutral" rating and set a $53.00 price objective on shares of Core & Main in a report on Thursday, September 10th. Finally, Deutsche Bank Aktiengesellschaft set a $55.00 price objective on Core & Main in a report on Thursday, September 10th. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Core & Main currently has an average rating of "Moderate Buy" and a consensus target price of $54.27.

Core & Main Stock Performance

NYSE CNM opened at $48.67 on Thursday. The firm has a market capitalization of $9.27 billion, a P/E ratio of 20.03, a P/E/G ratio of 1.88 and a beta of 0.91. Core & Main, Inc. has a 1-year low of $39.42 and a 1-year high of $59.66. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.47 and a quick ratio of 1.51. The business's 50-day simple moving average is $42.38 and its 200-day simple moving average is $47.85.

Core & Main (NYSE:CNM - Get Free Report) last issued its earnings results on Wednesday, September 9th. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.03. The business had revenue of $2.15 billion during the quarter, compared to analysts' expectations of $2.14 billion. Core & Main had a return on equity of 25.98% and a net margin of 5.96%. The company's revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.87 EPS. Equities analysts predict that Core & Main, Inc. will post 3.00 EPS for the current year.

Core & Main Profile

Core & Main, Inc is a distributor of specialized products for public and private infrastructure in the United States. The company primarily serves municipalities, contractors, and other customers involved in water, wastewater, storm drainage, and fire protection projects.

Its product offerings include water, sewer, and storm drainage pipe; valves, hydrants, and related waterworks products; fire protection equipment; and geosynthetic and other stormwater management products. Core & Main also provides product expertise, technical support, and related services to help customers plan and complete infrastructure projects.

The company traces its roots to the waterworks distribution business formerly operated by HD Supply.

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