Core & Main, Inc. $CNM Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 2.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 420,569 shares of the company’s stock after selling 9,952 shares during the period. Principal Financial Group Inc. owned about 0.21% of Core & Main worth $22,639,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in CNM. EverSource Wealth Advisors LLC boosted its stake in Core & Main by 145.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after buying an additional 269 shares during the last quarter. Cubist Systematic Strategies LLC grew its position in Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after acquiring an additional 524 shares in the last quarter. Hantz Financial Services Inc. boosted its position in Core & Main by 815.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 641 shares of the company’s stock valued at $39,000 after buying an additional 571 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in Core & Main by 47.8% in the third quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock valued at $52,000 after purchasing an additional 311 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in shares of Core & Main by 108.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,026 shares of the company’s stock valued at $55,000 after buying an additional 534 shares during the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CNM has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their price target on shares of Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Wells Fargo & Company upped their price objective on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Zacks Research raised shares of Core & Main from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 31st. Barclays reduced their target price on Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 1st. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $63.00 price target on shares of Core & Main in a research report on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and an average target price of $62.00.

Core & Main Price Performance

Shares of CNM stock opened at $57.72 on Friday. The company has a market capitalization of $11.28 billion, a P/E ratio of 25.43, a P/E/G ratio of 2.13 and a beta of 0.98. Core & Main, Inc. has a 12 month low of $43.17 and a 12 month high of $67.18. The stock has a 50 day moving average of $54.62 and a two-hundred day moving average of $55.31. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, December 9th. The company reported $0.72 EPS for the quarter, hitting analysts’ consensus estimates of $0.72. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The firm had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter last year, the company earned $0.69 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, equities analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

Core & Main announced that its board has authorized a share buyback program on Tuesday, December 9th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Core & Main Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.