Public Employees Retirement System of Ohio Decreases Stock Position in Core & Main, Inc. (NYSE:CNM)

Public Employees Retirement System of Ohio lessened its stake in shares of Core & Main, Inc. (NYSE:CNM) by 4.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 120,197 shares of the company’s stock after selling 5,276 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Core & Main were worth $6,119,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Raymond James Financial Inc. purchased a new stake in Core & Main in the fourth quarter worth $115,555,000. Norges Bank purchased a new stake in Core & Main in the fourth quarter worth $99,734,000. Impax Asset Management Group plc increased its stake in Core & Main by 70.4% in the fourth quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company’s stock worth $174,661,000 after purchasing an additional 1,416,907 shares during the period. Federated Hermes Inc. increased its stake in Core & Main by 4,757.9% in the fourth quarter. Federated Hermes Inc. now owns 1,138,346 shares of the company’s stock worth $57,953,000 after purchasing an additional 1,114,913 shares during the period. Finally, First Trust Advisors LP increased its stake in Core & Main by 38.4% in the fourth quarter. First Trust Advisors LP now owns 3,328,182 shares of the company’s stock worth $169,438,000 after purchasing an additional 923,287 shares during the period. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Price Performance

Shares of CNM stock opened at $54.89 on Wednesday. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $60.12. The stock’s 50-day moving average is $50.64 and its 200 day moving average is $50.89. The company has a market cap of $10.86 billion, a P/E ratio of 25.77, a PEG ratio of 2.61 and a beta of 1.04. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Tuesday, March 25th. The company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the previous year, the business earned $0.34 EPS. Core & Main’s revenue for the quarter was up 17.9% compared to the same quarter last year. Research analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on CNM shares. JPMorgan Chase & Co. increased their target price on Core & Main from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft started coverage on Core & Main in a research note on Tuesday, April 1st. They issued a “buy” rating and a $60.00 target price on the stock. Royal Bank of Canada reduced their target price on Core & Main from $62.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. Wells Fargo & Company increased their price target on Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Finally, Robert W. Baird dropped their price target on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and an average price target of $57.91.

Insider Activity at Core & Main

In other Core & Main news, EVP John R. Schaller sold 21,868 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $46.82, for a total value of $1,023,859.76. Following the completion of the sale, the executive vice president now owns 16,452 shares of the company’s stock, valued at approximately $770,282.64. This trade represents a 57.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO John Weldon Stephens sold 10,214 shares of the firm’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $53.02, for a total value of $541,546.28. Following the completion of the sale, the chief accounting officer now directly owns 4,120 shares of the company’s stock, valued at approximately $218,442.40. This represents a 71.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,045 shares of company stock valued at $3,683,698 over the last quarter. 3.53% of the stock is owned by corporate insiders.

Core & Main Profile

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.