Teachers Retirement System of The State of Kentucky Acquires 1,900 Shares of Core & Main, Inc. (NYSE:CNM)

Teachers Retirement System of The State of Kentucky grew its holdings in Core & Main, Inc. (NYSE:CNM) by 3.6% during the 2nd quarter, Holdings Channel reports. The fund owned 54,800 shares of the company’s stock after buying an additional 1,900 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Core & Main were worth $2,682,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Rise Advisors LLC bought a new position in Core & Main in the first quarter worth approximately $27,000. ORG Partners LLC bought a new position in Core & Main in the first quarter worth approximately $38,000. Brown Brothers Harriman & Co. bought a new position in Core & Main in the second quarter worth approximately $76,000. CWM LLC raised its position in Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company’s stock worth $80,000 after acquiring an additional 334 shares during the period. Finally, Quarry LP increased its stake in shares of Core & Main by 87.0% in the fourth quarter. Quarry LP now owns 1,909 shares of the company’s stock worth $77,000 after purchasing an additional 888 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors.

Insider Transactions at Core & Main

In other news, Director James G. Castellano sold 12,500 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $52.22, for a total value of $652,750.00. Following the sale, the director now directly owns 11,769 shares in the company, valued at approximately $614,577.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.49% of the company’s stock.

Core & Main Stock Performance

Shares of NYSE CNM opened at $42.50 on Friday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.34 and a current ratio of 2.29. The company has a market cap of $8.56 billion, a P/E ratio of 19.86, a P/E/G ratio of 2.87 and a beta of 1.02. The firm’s fifty day moving average is $46.65 and its two-hundred day moving average is $51.85. Core & Main, Inc. has a 52-week low of $28.52 and a 52-week high of $62.15.

Core & Main (NYSE:CNM) last posted its earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter last year, the firm earned $0.66 earnings per share. The business’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, analysts anticipate that Core & Main, Inc. will post 2.1 EPS for the current fiscal year.

Core & Main declared that its board has approved a share repurchase program on Wednesday, June 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

CNM has been the topic of several recent analyst reports. Wells Fargo & Company initiated coverage on shares of Core & Main in a research report on Monday, September 23rd. They set an “overweight” rating and a $52.00 price objective on the stock. Loop Capital decreased their price objective on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. Robert W. Baird decreased their price objective on shares of Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Truist Financial decreased their price objective on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.55.

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.