California Public Employees Retirement System Trims Stock Position in Core & Main, Inc. $CNM

California Public Employees Retirement System trimmed its holdings in Core & Main, Inc. (NYSE:CNM) by 3.2% in the 1st quarter, HoldingsChannel reports. The fund owned 396,840 shares of the company’s stock after selling 13,197 shares during the quarter. California Public Employees Retirement System’s holdings in Core & Main were worth $19,604,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its stake in Core & Main by 881.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 52,963 shares of the company’s stock worth $2,752,000 after purchasing an additional 47,569 shares in the last quarter. KBC Group NV lifted its position in shares of Core & Main by 11.6% during the 4th quarter. KBC Group NV now owns 2,618,916 shares of the company’s stock worth $136,105,000 after purchasing an additional 272,258 shares during the last quarter. Impax Asset Management Group plc grew its stake in shares of Core & Main by 10.8% during the fourth quarter. Impax Asset Management Group plc now owns 2,872,595 shares of the company’s stock worth $149,289,000 after purchasing an additional 279,373 shares in the last quarter. Thomasville National Bank acquired a new stake in Core & Main in the fourth quarter valued at $11,112,000. Finally, Oak Thistle LLC purchased a new stake in Core & Main during the 4th quarter worth about $509,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Core & Main

In other news, Director James D. Hope acquired 2,067 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The stock was purchased at an average cost of $46.01 per share, with a total value of $95,102.67. Following the purchase, the director directly owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. This trade represents a 21.23% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 1.51% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on CNM shares. Citigroup cut their price objective on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. The Goldman Sachs Group reiterated a “neutral” rating and set a $24.00 price target on shares of Core & Main in a research note on Thursday, June 11th. Finally, Barclays decreased their price objective on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Wednesday, March 25th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.73.

Core & Main Stock Performance

NYSE:CNM opened at $43.75 on Thursday. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.31 and a quick ratio of 1.31. The firm has a market cap of $8.47 billion, a price-to-earnings ratio of 18.54, a price-to-earnings-growth ratio of 1.50 and a beta of 0.91. The firm’s fifty day moving average price is $47.48 and its 200 day moving average price is $50.95. Core & Main, Inc. has a 1-year low of $42.50 and a 1-year high of $67.18.

Core & Main Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.