Core & Main, Inc. $CNM Shares Acquired by Truist Financial Corp

Key Points

• Truist Financial Corp has increased its stake in Core & Main, Inc. by 19.9%, now owning about 0.43% of the company valued at $51 million.
• Multiple investment analysts have downgraded Core & Main's ratings, with Zacks Research issuing a "strong sell" while JPMorgan Chase & Co. and Goldman Sachs lowered their price targets significantly.
• Insider trading activity has been noted, with Director Orvin T. Kimbrough and CFO Robyn L. Bradbury selling substantial shares, indicating a decrease in insider positions.

Truist Financial Corp increased its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 19.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 845,946 shares of the company's stock after buying an additional 140,607 shares during the quarter. Truist Financial Corp owned about 0.43% of Core & Main worth $51,053,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Bfsg LLC grew its stake in shares of Core & Main by 56.4% in the second quarter. Bfsg LLC now owns 560 shares of the company's stock valued at $34,000 after buying an additional 202 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of Core & Main by 447.1% in the first quarter. Parallel Advisors LLC now owns 651 shares of the company's stock valued at $31,000 after buying an additional 532 shares in the last quarter. Rossby Financial LCC acquired a new stake in shares of Core & Main in the first quarter valued at about $37,000. Cubist Systematic Strategies LLC grew its stake in shares of 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 in the last quarter. Finally, CWM LLC grew its stake in shares of Core & Main by 34.0% in the first quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after buying an additional 213 shares in the last quarter. Institutional investors and hedge funds own 94.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Zacks Research lowered Core & Main from a "hold" rating to a "strong sell" rating in a research note on Monday. JPMorgan Chase & Co. lowered their price objective on Core & Main from $64.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, September 10th. The Goldman Sachs Group lowered their price objective on Core & Main from $68.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, September 12th. Royal Bank Of Canada lowered their price objective on Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a research note on Wednesday, September 10th. Finally, UBS Group assumed coverage on Core & Main in a research note on Monday. They set a "buy" rating and a $65.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.27.

Insider Buying and Selling

In other news, Director Orvin T. Kimbrough sold 23,962 shares of Core & Main stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $61.77, for a total value of $1,480,132.74. Following the completion of the transaction, the director owned 13,958 shares in the company, valued at approximately $862,185.66. This trade represents a 63.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robyn L. Bradbury sold 5,000 shares of Core & Main stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $64.51, for a total value of $322,550.00. Following the completion of the transaction, the chief financial officer owned 8,555 shares of the company's stock, valued at approximately $551,883.05. The trade was a 36.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 317,928 shares of company stock worth $19,847,647. 3.53% of the stock is currently owned by insiders.

Core & Main Price Performance

Shares of CNM opened at $52.63 on Thursday. The firm has a market cap of $10.39 billion, a price-to-earnings ratio of 23.49, a PEG ratio of 2.11 and a beta of 0.99. The stock has a 50 day moving average of $59.98 and a 200-day moving average of $56.28. The company has a current ratio of 2.25, a quick ratio of 1.30 and a debt-to-equity ratio of 1.14. Core & Main, Inc. has a 52 week low of $41.60 and a 52 week high of $67.18.

Core & Main (NYSE:CNM - Get Free Report) last issued its earnings results on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.79 by $0.08. The company had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.12 billion. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The business's revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.61 EPS. Core & Main has set its FY 2025 guidance at EPS. As a group, analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current year.

Core & Main Company 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.

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