Truist Financial Corp Raises Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Truist Financial Corp grew its stake in Core & Main, Inc. (NYSE:CNM) by 3.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 581,845 shares of the company’s stock after buying an additional 17,899 shares during the quarter. Truist Financial Corp’s holdings in Core & Main were worth $29,622,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. FMR LLC grew its position in shares of Core & Main by 28.0% during the third quarter. FMR LLC now owns 8,697,084 shares of the company’s stock worth $386,151,000 after purchasing an additional 1,903,280 shares in the last quarter. State Street Corp grew its position in shares of Core & Main by 9.7% during the third quarter. State Street Corp now owns 5,522,009 shares of the company’s stock worth $245,177,000 after purchasing an additional 489,224 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Core & Main by 1.0% during the third quarter. Pacer Advisors Inc. now owns 4,250,219 shares of the company’s stock worth $188,710,000 after purchasing an additional 41,521 shares in the last quarter. Royal London Asset Management Ltd. grew its position in shares of Core & Main by 39.9% during the third quarter. Royal London Asset Management Ltd. now owns 3,761,906 shares of the company’s stock worth $167,029,000 after purchasing an additional 1,073,451 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Core & Main by 14.5% during the third quarter. Geode Capital Management LLC now owns 3,261,964 shares of the company’s stock worth $144,869,000 after purchasing an additional 412,520 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Price Performance

NYSE:CNM opened at $54.60 on Wednesday. The firm has a market capitalization of $10.85 billion, a price-to-earnings ratio of 25.63, a PEG ratio of 2.75 and a beta of 1.03. Core & Main, Inc. has a 1 year low of $37.22 and a 1 year high of $62.15. The business has a 50 day simple moving average of $53.45 and a 200-day simple moving average of $48.62. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28.

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

Insider Activity

In other news, President Bradford A. Cowles sold 50,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $55.07, for a total value of $2,753,500.00. Following the sale, the president now directly owns 18,423 shares in the company, valued at approximately $1,014,554.61. This represents a 73.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Stephen O. Leclair sold 200,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total value of $10,976,000.00. Following the completion of the sale, the chief executive officer now owns 92,349 shares in the company, valued at approximately $5,068,113.12. The trade was a 68.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 452,426 shares of company stock valued at $24,285,825 in the last ninety days. Insiders own 3.49% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Robert W. Baird increased their target price on Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Barclays increased their target price on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Loop Capital increased their target price on Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Truist Financial increased their price target on Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Finally, Citigroup increased their price target on Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $57.60.

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.