Core & Main, Inc. (NYSE:CNM) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in Core & Main, Inc. (NYSE:CNM) by 5.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,215,942 shares of the company’s stock after selling 70,447 shares during the quarter. Principal Financial Group Inc. owned about 0.61% of Core & Main worth $53,988,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CNM. Ashton Thomas Securities LLC acquired a new position in Core & Main in the 3rd quarter valued at about $26,000. ORG Wealth Partners LLC purchased a new position in shares of Core & Main in the 3rd quarter valued at approximately $31,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Core & Main in the third quarter valued at approximately $49,000. GAMMA Investing LLC raised its stake in shares of Core & Main by 61.1% during the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after purchasing an additional 511 shares during the last quarter. Finally, Brown Brothers Harriman & Co. acquired a new stake in shares of Core & Main during the second quarter worth $76,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Trading Up 0.8 %

Shares of CNM stock opened at $50.54 on Monday. The stock has a market cap of $10.04 billion, a P/E ratio of 23.73, a P/E/G ratio of 2.95 and a beta of 1.04. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a fifty-two week low of $37.22 and a fifty-two week high of $62.15. The business has a fifty day simple moving average of $47.32 and a 200-day simple moving average of $47.64.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.04. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same period last year, the firm posted $0.65 EPS. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on CNM. Truist Financial upped their price objective on shares of Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Barclays raised their price objective on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Wells Fargo & Company boosted their target price on Core & Main from $52.00 to $62.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. JPMorgan Chase & Co. reduced their price target on Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a report on Tuesday, September 3rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $62.00 price objective (up previously from $53.00) on shares of Core & Main in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.10.

Insider Buying and Selling

In other news, CEO Stephen O. Leclair sold 200,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total value of $10,976,000.00. Following the completion of the transaction, the chief executive officer now directly owns 92,349 shares of the company’s stock, valued at $5,068,113.12. The trade was a 68.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Bradford A. Cowles sold 50,000 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $55.07, for a total value of $2,753,500.00. Following the sale, the president now directly owns 18,423 shares in the company, valued at approximately $1,014,554.61. The trade was a 73.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 290,000 shares of company stock worth $15,926,000 in the last ninety days. Insiders own 3.49% of the company’s stock.

Core & Main 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.