Retirement Systems of Alabama Sells 20,516 Shares of Core & Main, Inc. (NYSE:CNM)

Retirement Systems of Alabama lowered its stake in shares of Core & Main, Inc. (NYSE:CNM) by 8.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 234,243 shares of the company’s stock after selling 20,516 shares during the quarter. Retirement Systems of Alabama’s holdings in Core & Main were worth $11,925,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Washington Capital Management Inc. boosted its holdings in shares of Core & Main by 32.1% in the 4th quarter. Washington Capital Management Inc. now owns 10,300 shares of the company’s stock valued at $524,000 after buying an additional 2,500 shares in the last quarter. Foster & Motley Inc. lifted its position in Core & Main by 20.2% during the fourth quarter. Foster & Motley Inc. now owns 28,554 shares of the company’s stock valued at $1,454,000 after acquiring an additional 4,792 shares during the last quarter. Swedbank AB boosted its stake in Core & Main by 3.7% in the fourth quarter. Swedbank AB now owns 1,847,900 shares of the company’s stock valued at $94,077,000 after acquiring an additional 65,800 shares in the last quarter. R Squared Ltd purchased a new position in Core & Main in the fourth quarter worth $78,000. Finally, KBC Group NV increased its position in shares of Core & Main by 20.6% during the fourth quarter. KBC Group NV now owns 1,639,138 shares of the company’s stock worth $83,449,000 after purchasing an additional 280,183 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CNM. The Goldman Sachs Group raised their price objective on Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, December 5th. Wells Fargo & Company boosted their price target on Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday. Robert W. Baird increased their price objective on shares of Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Citigroup boosted their target price on shares of Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, January 6th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $62.00 price target (up previously from $53.00) on shares of Core & Main in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Core & Main presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.60.

Core & Main Stock Down 1.5 %

NYSE:CNM opened at $54.55 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The company’s fifty day moving average price is $53.32 and its 200-day moving average price is $48.55. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $62.15. The firm has a market capitalization of $10.84 billion, a P/E ratio of 25.61, a PEG ratio of 3.12 and a beta of 1.03.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The company’s revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the business posted $0.65 EPS. As a group, equities research analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current year.

Insider Activity at Core & Main

In other news, President Bradford A. Cowles sold 50,000 shares of Core & Main stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $55.07, for a total transaction of $2,753,500.00. Following the completion of the transaction, the president now directly owns 18,423 shares of the company’s stock, valued at $1,014,554.61. The trade was a 73.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Stephen O. Leclair sold 200,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the sale, the chief executive officer now directly owns 92,349 shares in the company, valued at $5,068,113.12. This trade represents a 68.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 427,426 shares of company stock worth $22,923,825. 3.49% of the stock is owned by corporate insiders.

Core & Main Company 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.