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

Truist Financial Corp boosted its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 21.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 705,339 shares of the company's stock after purchasing an additional 123,494 shares during the period. Truist Financial Corp owned about 0.36% of Core & Main worth $34,075,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of CNM. US Bancorp DE lifted its position in shares of Core & Main by 12.3% during the fourth quarter. US Bancorp DE now owns 1,795 shares of the company's stock worth $91,000 after acquiring an additional 197 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of Core & Main during the fourth quarter worth $122,000. Charles Schwab Investment Management Inc. lifted its position in shares of Core & Main by 7.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,666,765 shares of the company's stock worth $84,855,000 after acquiring an additional 122,240 shares in the last quarter. Aigen Investment Management LP purchased a new stake in shares of Core & Main during the fourth quarter worth $222,000. Finally, Arizona State Retirement System lifted its position in shares of Core & Main by 0.6% during the fourth quarter. Arizona State Retirement System now owns 55,910 shares of the company's stock worth $2,846,000 after acquiring an additional 360 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company's stock.

Core & Main Price Performance

CNM traded up $0.28 during trading on Tuesday, reaching $62.20. The stock had a trading volume of 194,779 shares, compared to its average volume of 1,997,693. The business has a 50-day moving average of $56.03 and a 200-day moving average of $52.85. Core & Main, Inc. has a one year low of $37.22 and a one year high of $62.47. The stock has a market cap of $12.26 billion, a PE ratio of 28.89, a PEG ratio of 1.84 and a beta of 1.04. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.10 and a current ratio of 1.96.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.52 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.52. Core & Main had a return on equity of 23.55% and a net margin of 5.47%. The firm had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.84 billion. During the same period last year, the firm earned $0.49 earnings per share. The company's revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Core & Main in a research report on Tuesday, April 1st. They set a "buy" rating and a $60.00 target price on the stock. Royal Bank Of Canada increased their target price on Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. JPMorgan Chase & Co. increased their price objective on Core & Main from $54.00 to $56.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. Loop Capital increased their price objective on Core & Main from $63.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, June 11th. Finally, Wells Fargo & Company increased their price objective on Core & Main from $65.00 to $70.00 and gave the stock an "overweight" rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $60.00.

Insider Buying and Selling

In related news, General Counsel Mark G. Whittenburg sold 49,100 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $60.03, for a total value of $2,947,473.00. Following the sale, the general counsel directly owned 9,691 shares of the company's stock, valued at $581,750.73. This trade represents a 83.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Robyn L. Bradbury sold 25,000 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $60.49, for a total value of $1,512,250.00. Following the completion of the sale, the chief financial officer directly owned 8,555 shares in the company, valued at $517,491.95. The trade was a 74.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 140,703 shares of company stock valued at $8,164,310 over the last ninety days. Corporate insiders own 3.53% of the company's stock.

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.