Truist Financial Corp Boosts Stock Holdings in Core & Main, Inc. $CNM

Truist Financial Corp grew its position in Core & Main, Inc. (NYSE:CNM) by 7.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 910,053 shares of the company’s stock after buying an additional 64,107 shares during the quarter. Truist Financial Corp’s holdings in Core & Main were worth $48,988,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in Core & Main by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 3,472,477 shares of the company’s stock valued at $209,597,000 after purchasing an additional 18,874 shares during the last quarter. Bessemer Group Inc. raised its position in shares of Core & Main by 0.4% in the second quarter. Bessemer Group Inc. now owns 3,371,475 shares of the company’s stock valued at $203,467,000 after buying an additional 14,244 shares during the last quarter. Amundi lifted its stake in shares of Core & Main by 2.8% in the second quarter. Amundi now owns 3,357,973 shares of the company’s stock worth $186,955,000 after buying an additional 92,355 shares in the last quarter. Handelsbanken Fonder AB boosted its position in Core & Main by 14.2% during the second quarter. Handelsbanken Fonder AB now owns 2,823,433 shares of the company’s stock worth $170,394,000 after acquiring an additional 351,219 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in Core & Main by 20.6% during the 2nd quarter. Bank of America Corp DE now owns 2,255,531 shares of the company’s stock valued at $136,121,000 after acquiring an additional 385,659 shares in the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CNM. Robert W. Baird raised their target price on shares of Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. Citigroup lifted their price objective on Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, January 8th. Royal Bank Of Canada restated an “outperform” rating and issued a $63.00 target price on shares of Core & Main in a report on Friday, January 9th. Deutsche Bank Aktiengesellschaft raised their target price on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Finally, Barclays lowered their price target on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Core & Main Price Performance

Shares of CNM opened at $54.18 on Friday. The firm has a 50-day simple moving average of $53.60 and a two-hundred day simple moving average of $55.62. The stock has a market cap of $10.59 billion, a PE ratio of 23.87, a P/E/G ratio of 2.19 and a beta of 0.98. Core & Main, Inc. has a 1-year low of $43.17 and a 1-year high of $67.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, December 9th. The company reported $0.72 earnings per share for the quarter, meeting the consensus estimate of $0.72. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The firm had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter last year, the firm earned $0.69 EPS. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current year.

Core & Main announced that its Board of Directors has initiated a share buyback program on Tuesday, December 9th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Core & Main Profile

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.