Illinois Municipal Retirement Fund Raises Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Illinois Municipal Retirement Fund lifted its holdings in Core & Main, Inc. (NYSE:CNM) by 18.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 48,249 shares of the company’s stock after buying an additional 7,378 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Core & Main were worth $2,762,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CNM. Vanguard Group Inc. increased its holdings in Core & Main by 14.3% during the 3rd quarter. Vanguard Group Inc. now owns 9,490,896 shares of the company’s stock worth $273,812,000 after purchasing an additional 1,187,700 shares during the period. Public Employees Retirement System of Ohio increased its holdings in Core & Main by 23.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 48,071 shares of the company’s stock worth $1,387,000 after purchasing an additional 9,017 shares during the period. FCF Advisors LLC purchased a new position in Core & Main during the 4th quarter worth $651,000. Riverwater Partners LLC purchased a new position in Core & Main during the 4th quarter worth $219,000. Finally, Exchange Traded Concepts LLC increased its holdings in Core & Main by 328.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 78,854 shares of the company’s stock worth $3,186,000 after purchasing an additional 60,435 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Stock Performance

Shares of CNM opened at $51.22 on Monday. The stock has a 50-day moving average of $53.67 and a two-hundred day moving average of $50.43. Core & Main, Inc. has a one year low of $27.75 and a one year high of $62.15. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 2.14. The stock has a market cap of $10.32 billion, a P/E ratio of 23.93, a P/E/G ratio of 1.94 and a beta of 1.06.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Tuesday, June 4th. The company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02). Core & Main had a return on equity of 20.01% and a net margin of 5.53%. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the prior year, the firm posted $0.50 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. As a group, research analysts predict that Core & Main, Inc. will post 2.32 EPS for the current year.

Insiders Place Their Bets

In other Core & Main news, CAO John Weldon Stephens sold 5,503 shares of Core & Main stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $54.23, for a total transaction of $298,427.69. Following the completion of the transaction, the chief accounting officer now owns 4,281 shares in the company, valued at approximately $232,158.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Core & Main news, CAO John Weldon Stephens sold 5,503 shares of Core & Main stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $54.23, for a total transaction of $298,427.69. Following the completion of the transaction, the chief accounting officer now owns 4,281 shares in the company, valued at approximately $232,158.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark R. Witkowski sold 50,000 shares of Core & Main stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $59.50, for a total value of $2,975,000.00. Following the completion of the transaction, the chief financial officer now owns 23,898 shares of the company’s stock, valued at approximately $1,421,931. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,200 shares of company stock valued at $6,511,569. 3.49% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on the company. Citigroup downgraded Core & Main from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $63.00 to $64.00 in a report on Friday, April 5th. Truist Financial dropped their target price on Core & Main from $56.00 to $50.00 and set a “hold” rating on the stock in a research report on Wednesday, June 5th. JPMorgan Chase & Co. increased their target price on Core & Main from $38.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Loop Capital increased their target price on Core & Main from $58.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $60.00 target price on shares of Core & Main in a research report on Wednesday, June 5th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.90.

Core & Main Company Profile

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.