Fifth Third Bancorp Purchases 58,179 Shares of Core & Main, Inc. $CNM

Fifth Third Bancorp grew its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 742.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,014 shares of the company’s stock after acquiring an additional 58,179 shares during the period. Fifth Third Bancorp’s holdings in Core & Main were worth $3,261,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. TD Waterhouse Canada Inc. bought a new stake in shares of Core & Main during the 4th quarter valued at about $26,000. EverSource Wealth Advisors LLC lifted its stake in Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after buying an additional 269 shares during the period. Whittier Trust Co. acquired a new position in Core & Main in the fourth quarter valued at approximately $28,000. Cubist Systematic Strategies LLC lifted its stake 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 buying an additional 524 shares during the period. Finally, Quarry LP bought a new position in shares of Core & Main during the 4th quarter worth approximately $38,000. 94.19% of the stock is owned by institutional investors.

Core & Main Stock Performance

Shares of CNM opened at $45.38 on Monday. The firm has a market capitalization of $8.78 billion, a P/E ratio of 19.23, a P/E/G ratio of 1.57 and a beta of 0.91. Core & Main, Inc. has a 52 week low of $43.96 and a 52 week high of $67.18. The stock has a 50 day moving average price of $47.73 and a two-hundred day moving average price of $51.13. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.31 and a current ratio of 2.31.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Citigroup lowered their price objective on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a research note on Thursday, June 11th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Barclays reduced their price target on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Wednesday, March 25th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $24.00 price objective on shares of Core & Main in a report on Thursday, June 11th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.73.

Insider Transactions at Core & Main

In related news, Director James D. Hope purchased 2,067 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was acquired at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the acquisition, the director owned 11,805 shares of the company’s stock, valued at $543,148.05. This represents a 21.23% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.51% of the company’s stock.

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.