State of New Jersey Common Pension Fund D Sells 28,645 Shares of Core & Main, Inc. (NYSE:CNM)

State of New Jersey Common Pension Fund D reduced its stake in Core & Main, Inc. (NYSE:CNM) by 27.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,548 shares of the company’s stock after selling 28,645 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Core & Main were worth $3,746,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CNM. Principal Securities Inc. bought a new position in shares of Core & Main in the fourth quarter worth $43,000. Dimensional Fund Advisors LP boosted its stake in Core & Main by 18.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,290,875 shares of the company’s stock valued at $52,166,000 after buying an additional 197,960 shares during the period. Principal Financial Group Inc. boosted its stake in Core & Main by 6,043.3% during the fourth quarter. Principal Financial Group Inc. now owns 501,537 shares of the company’s stock valued at $20,267,000 after buying an additional 493,373 shares during the period. Vanguard Personalized Indexing Management LLC bought a new stake in Core & Main during the fourth quarter valued at $481,000. Finally, Janney Montgomery Scott LLC bought a new stake in Core & Main during the fourth quarter valued at $558,000. 94.19% of the stock is owned by institutional investors.

Insider Transactions at Core & Main

In other news, Director James G. Castellano sold 12,500 shares of Core & Main stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $52.22, for a total value of $652,750.00. Following the transaction, the director now owns 11,769 shares in the company, valued at $614,577.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 3.49% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on CNM. Robert W. Baird dropped their price objective on Core & Main from $62.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Loop Capital dropped their price objective on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. Barclays dropped their price objective on Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, September 5th. Royal Bank of Canada dropped their price target on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Finally, Bank of America dropped their price target on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research note on Thursday, September 5th. 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.30.

Core & Main Stock Up 3.5 %

CNM opened at $42.72 on Wednesday. The company has a market cap of $8.61 billion, a P/E ratio of 19.96, a P/E/G ratio of 2.52 and a beta of 1.04. The business’s 50-day moving average price is $48.43 and its 200-day moving average price is $52.34. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40. Core & Main, Inc. has a 12 month low of $27.75 and a 12 month high of $62.15.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.13). The company had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.66 EPS. On average, equities analysts expect that Core & Main, Inc. will post 2.1 EPS for the current year.

Core & Main declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 12th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

About Core & Main

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.