Principal Financial Group Inc. Increases Stock Holdings in Core & Main, Inc. $CNM

Key Points

• Principal Financial Group Inc. increased its stake in Core & Main by 4.1% in the first quarter, adding 22,354 shares to reach 562,417 shares valued at about $27.8 million.
• Core & Main remains heavily owned by institutions, with hedge funds and other institutional investors holding about 94.19% of the stock. Several firms recently bought or added to positions, while insider ownership stands at 1.51%.
• Analysts are mixed but broadly constructive on CNM, with seven Buy ratings and five Hold ratings, and a consensus Moderate Buy target price of $57.73. Shares recently traded at $45.38, below both the consensus target and the 52-week high of $67.18.

Principal Financial Group Inc. boosted its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 4.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 562,417 shares of the company's stock after buying an additional 22,354 shares during the period. Principal Financial Group Inc. owned approximately 0.29% of Core & Main worth $27,783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CNM. TD Waterhouse Canada Inc. purchased a new stake in shares of Core & Main during the fourth quarter worth about $26,000. EverSource Wealth Advisors LLC raised its position in shares of Core & Main by 145.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock valued at $27,000 after purchasing an additional 269 shares during the last quarter. Whittier Trust Co. acquired a new stake in Core & Main in the 4th quarter worth approximately $28,000. Cubist Systematic Strategies LLC boosted its stake in Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after purchasing an additional 524 shares in the last quarter. Finally, Quarry LP purchased a new stake in Core & Main during the 4th quarter worth approximately $38,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Price Performance

Shares of NYSE CNM opened at $45.38 on Monday. Core & Main, Inc. has a 52 week low of $43.96 and a 52 week high of $67.18. The business's 50 day moving average price is $47.73 and its 200 day moving average price is $51.13. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00. The firm has a market cap 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.

Insider Buying and Selling

In other Core & Main news, Director James D. Hope acquired 2,067 shares of the firm's stock in a transaction on Monday, July 6th. The stock was acquired at an average cost of $46.01 per share, for a total transaction of $95,102.67. Following the purchase, the director owned 11,805 shares in the company, valued at approximately $543,148.05. The trade was a 21.23% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CNM. Barclays cut their price target on shares of Core & Main from $63.00 to $62.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 25th. The Goldman Sachs Group reissued a "neutral" rating and set a $24.00 price objective on shares of Core & Main in a report on Thursday, June 11th. Citigroup cut their target price on Core & Main from $54.00 to $53.00 and set a "neutral" rating on the stock in a research report on Thursday, June 11th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Core & Main from $65.00 to $62.00 and set a "buy" rating on the stock in a research report on Wednesday, March 25th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $57.73.

About Core & Main

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.

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