Truist Financial Corp Buys 18,120 Shares of Core & Main, Inc. (NYSE:CNM)

Truist Financial Corp boosted its position in shares of Core & Main, Inc. (NYSE:CNM) by 137.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,347 shares of the company’s stock after acquiring an additional 18,120 shares during the period. Truist Financial Corp’s holdings in Core & Main were worth $1,267,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Renaissance Capital LLC raised its stake in Core & Main by 59.0% during the 4th quarter. Renaissance Capital LLC now owns 85,574 shares of the company’s stock valued at $3,458,000 after purchasing an additional 31,740 shares during the period. State of Michigan Retirement System bought a new stake in shares of Core & Main during the fourth quarter valued at approximately $1,325,000. Exchange Traded Concepts LLC lifted its holdings in shares of Core & Main by 328.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 78,854 shares of the company’s stock worth $3,186,000 after buying an additional 60,435 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of Core & Main by 4.4% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,734,897 shares of the company’s stock worth $70,107,000 after acquiring an additional 73,790 shares during the last quarter. Finally, New York State Teachers Retirement System purchased a new position in Core & Main during the fourth quarter valued at $1,805,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Stock Up 0.8 %

Shares of Core & Main stock opened at $60.01 on Monday. The company has a quick ratio of 1.30, a current ratio of 2.29 and a debt-to-equity ratio of 1.22. The company has a market cap of $12.08 billion, a P/E ratio of 27.91, a PEG ratio of 1.86 and a beta of 1.14. The firm’s 50 day moving average price is $55.54 and its 200-day moving average price is $44.76. Core & Main, Inc. has a 52-week low of $26.08 and a 52-week high of $60.83.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Tuesday, March 19th. The company reported $0.34 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.34. Core & Main had a net margin of 5.54% and a return on equity of 18.22%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the previous year, the company earned $0.31 earnings per share. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, sell-side analysts predict that Core & Main, Inc. will post 2.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on CNM. Loop Capital increased their price objective on shares of Core & Main from $58.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Truist Financial reissued a “hold” rating and issued a $38.00 price objective on shares of Core & Main in a research note on Wednesday, March 20th. Royal Bank of Canada lifted their target price on Core & Main from $59.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, March 20th. JPMorgan Chase & Co. increased their price objective on shares of Core & Main from $38.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 19th. Finally, Barclays boosted their target price on Core & Main from $49.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, March 20th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $50.08.

Insider Buying and Selling

In other Core & Main news, VP John Weldon Stephens sold 43,900 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $50.02, for a total value of $2,195,878.00. Following the completion of the sale, the vice president now directly owns 3,468 shares in the company, valued at $173,469.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Mark R. Witkowski sold 50,000 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $58.51, for a total transaction of $2,925,500.00. Following the sale, the chief financial officer now directly owns 23,898 shares of the company’s stock, valued at $1,398,271.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP John Weldon Stephens sold 43,900 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $50.02, for a total value of $2,195,878.00. Following the completion of the transaction, the vice president now directly owns 3,468 shares in the company, valued at $173,469.36. The disclosure for this sale can be found here. Insiders have sold a total of 275,500 shares of company stock worth $15,464,617 in the last ninety days. 3.49% of the stock is owned by insiders.

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.