Principal Financial Group Inc. Lowers Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Principal Financial Group Inc. cut its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 5.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,215,942 shares of the company’s stock after selling 70,447 shares during the quarter. Principal Financial Group Inc.’s holdings in Core & Main were worth $53,988,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. PointState Capital LP purchased a new position in shares of Core & Main during the 3rd quarter worth about $100,013,000. FMR LLC boosted its holdings in shares of Core & Main by 28.0% in the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock valued at $386,151,000 after purchasing an additional 1,903,280 shares during the last quarter. Impax Asset Management Group plc boosted its holdings in shares of Core & Main by 373.0% in the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock valued at $89,416,000 after purchasing an additional 1,588,117 shares during the last quarter. Spruce House Investment Management LLC grew its stake in shares of Core & Main by 400.0% during the 3rd quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company’s stock valued at $66,600,000 after buying an additional 1,200,000 shares during the period. Finally, Pacer Advisors Inc. increased its holdings in shares of Core & Main by 37.1% during the 2nd quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock worth $205,974,000 after buying an additional 1,137,817 shares during the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Core & Main

In related news, President Bradford A. Cowles sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $55.07, for a total transaction of $2,753,500.00. Following the sale, the president now directly owns 18,423 shares of the company’s stock, valued at approximately $1,014,554.61. This represents a 73.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Stephen O. Leclair sold 200,000 shares of Core & Main stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the completion of the transaction, the chief executive officer now directly owns 92,349 shares of the company’s stock, valued at approximately $5,068,113.12. This represents a 68.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 290,000 shares of company stock valued at $15,926,000 over the last ninety days. Corporate insiders own 3.49% of the company’s stock.

Core & Main Stock Performance

NYSE:CNM opened at $50.54 on Monday. The firm has a 50-day moving average of $47.32 and a two-hundred day moving average of $47.64. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The stock has a market cap of $10.04 billion, a P/E ratio of 23.73, a PEG ratio of 2.95 and a beta of 1.04. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $62.15.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The firm had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same quarter last year, the firm earned $0.65 EPS. Core & Main’s quarterly revenue was up 11.5% on a year-over-year basis. On average, research analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CNM has been the subject of a number of research reports. Bank of America lowered their price target on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. dropped their target price on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. Loop Capital lifted their price target on shares of Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Barclays boosted their price objective on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $62.00 target price (up previously from $53.00) on shares of Core & Main in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.10.

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.