Core & Main, Inc. (NYSE:CNM) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp lessened its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 5.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,853 shares of the company’s stock after selling 736 shares during the quarter. Fifth Third Bancorp’s holdings in Core & Main were worth $621,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Core & Main by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock valued at $927,580,000 after acquiring an additional 221,970 shares in the last quarter. FMR LLC grew its position in Core & Main by 4.1% in the fourth quarter. FMR LLC now owns 9,055,993 shares of the company’s stock valued at $461,041,000 after acquiring an additional 358,909 shares in the last quarter. Invesco Ltd. grew its position in Core & Main by 0.8% in the fourth quarter. Invesco Ltd. now owns 5,926,569 shares of the company’s stock valued at $301,722,000 after acquiring an additional 44,513 shares in the last quarter. Bessemer Group Inc. grew its position in Core & Main by 0.5% in the fourth quarter. Bessemer Group Inc. now owns 3,835,182 shares of the company’s stock valued at $195,250,000 after acquiring an additional 20,756 shares in the last quarter. Finally, Royal London Asset Management Ltd. grew its position in Core & Main by 1.3% in the fourth quarter. Royal London Asset Management Ltd. now owns 3,810,739 shares of the company’s stock valued at $194,005,000 after acquiring an additional 48,833 shares in the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Stock Performance

Core & Main stock opened at $55.61 on Wednesday. The stock has a 50 day moving average of $53.31 and a 200-day moving average of $52.15. Core & Main, Inc. has a 52 week low of $37.22 and a 52 week high of $60.38. The stock has a market cap of $11.00 billion, a P/E ratio of 25.87, a price-to-earnings-growth ratio of 1.65 and a beta of 1.02. The company has a current ratio of 1.96, a quick ratio of 1.10 and a debt-to-equity ratio of 1.23.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.52. Core & Main had a return on equity of 23.55% and a net margin of 5.47%. The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same period last year, the business posted $0.49 earnings per share. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, analysts expect that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Core & Main in a research report on Tuesday, April 1st. They issued a “buy” rating and a $60.00 price objective for the company. Wells Fargo & Company increased their price objective on shares of Core & Main from $60.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. Citigroup increased their price objective on shares of Core & Main from $56.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, June 10th. Royal Bank Of Canada increased their target price on Core & Main from $60.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday, June 10th. Finally, Loop Capital increased their target price on Core & Main from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, June 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.55.

Insider Buying and Selling

In related news, EVP John R. Schaller sold 9,794 shares of the firm’s stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $55.00, for a total transaction of $538,670.00. Following the transaction, the executive vice president now directly owns 19,689 shares in the company, valued at $1,082,895. This trade represents a 33.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO John Weldon Stephens sold 10,214 shares of the firm’s stock in a transaction on Monday, April 28th. The stock was sold at an average price of $53.02, for a total value of $541,546.28. Following the transaction, the chief accounting officer now owns 4,120 shares in the company, valued at $218,442.40. This trade represents a 71.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 157,666 shares of company stock worth $8,770,352 over the last ninety days. 3.53% of the stock is owned by insiders.

Core & Main Profile

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.