PNC Financial Services Group Inc. Buys 1,032 Shares of Core & Main, Inc. (NYSE:CNM)

PNC Financial Services Group Inc. boosted its stake in shares of Core & Main, Inc. (NYSE:CNM) by 24.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,326 shares of the company’s stock after purchasing an additional 1,032 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Core & Main were worth $257,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Alberta Investment Management Corp boosted its position in shares of Core & Main by 18.0% in the first quarter. Alberta Investment Management Corp now owns 44,994 shares of the company’s stock valued at $2,174,000 after acquiring an additional 6,876 shares during the period. Foster & Motley Inc. boosted its position in shares of Core & Main by 44.4% in the first quarter. Foster & Motley Inc. now owns 41,239 shares of the company’s stock valued at $1,992,000 after acquiring an additional 12,685 shares during the period. Natixis Advisors LLC boosted its position in shares of Core & Main by 6.3% in the first quarter. Natixis Advisors LLC now owns 55,938 shares of the company’s stock valued at $2,703,000 after acquiring an additional 3,316 shares during the period. Mackenzie Financial Corp boosted its position in shares of Core & Main by 39.6% in the first quarter. Mackenzie Financial Corp now owns 626,340 shares of the company’s stock valued at $30,258,000 after acquiring an additional 177,538 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Core & Main by 2.0% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,453,304 shares of the company’s stock valued at $70,209,000 after acquiring an additional 28,089 shares during the period. 94.19% of the stock is owned by institutional investors.

Core & Main Stock Performance

Core & Main stock opened at $64.20 on Friday. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.96 and a quick ratio of 1.10. The stock has a fifty day moving average price of $61.54 and a two-hundred day moving average price of $54.93. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $65.97. The firm has a market capitalization of $12.66 billion, a P/E ratio of 29.86, a P/E/G ratio of 1.89 and a beta of 1.04.

Core & Main (NYSE:CNM) last released 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 during the quarter, compared to analyst estimates of $1.84 billion. During the same period in the prior year, the company posted $0.49 earnings per share. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director James G. Castellano sold 43,994 shares of Core & Main stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $61.98, for a total value of $2,726,748.12. Following the completion of the transaction, the director directly owned 4,638 shares of the company’s stock, valued at $287,463.24. The trade was a 90.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Mark G. Whittenburg sold 49,100 shares of Core & Main stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $60.03, for a total value of $2,947,473.00. Following the completion of the transaction, the general counsel directly owned 9,691 shares of the company’s stock, valued at $581,750.73. This represents a 83.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 428,445 shares of company stock valued at $26,045,755 over the last three months. Company insiders own 3.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CNM. Citigroup increased their price objective on Core & Main from $56.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, June 10th. JPMorgan Chase & Co. increased their price objective on Core & Main from $54.00 to $56.00 and gave the company an “overweight” rating in a research report on Tuesday, May 27th. Royal Bank Of Canada raised their target price on Core & Main from $60.00 to $67.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 10th. Wells Fargo & Company raised their target price on Core & Main from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. Finally, Loop Capital reaffirmed a “hold” rating and issued a $68.00 target price on shares of Core & Main in a research report on Monday, July 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $60.00.

About Core & Main

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.