Principal Financial Group Inc. Grows Stock Position in Core & Main, Inc. $CNM

Principal Financial Group Inc. grew its stake in Core & Main, Inc. (NYSE:CNM) by 4.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 562,417 shares of the company’s stock after buying an additional 22,354 shares during the quarter. Principal Financial Group Inc.’s holdings in Core & Main were worth $27,783,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Morgan Stanley grew its holdings in Core & Main by 8.3% during the fourth quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock worth $758,079,000 after acquiring an additional 1,118,145 shares during the period. Capital World Investors lifted its holdings in Core & Main by 5.8% in the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock valued at $327,034,000 after acquiring an additional 344,606 shares during the period. State Street Corp boosted its position in Core & Main by 1.0% in the 4th quarter. State Street Corp now owns 5,733,516 shares of the company’s stock worth $297,971,000 after purchasing an additional 54,562 shares in the last quarter. Royal London Asset Management Ltd. boosted its position in Core & Main by 12.5% in the 4th quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company’s stock worth $295,636,000 after purchasing an additional 632,077 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Core & Main by 38.6% during the 4th quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock worth $276,380,000 after purchasing an additional 1,482,235 shares during the period. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Trading Up 0.3%

Shares of Core & Main stock opened at $45.38 on Monday. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.00. Core & Main, Inc. has a twelve month low of $43.96 and a twelve month high of $67.18. The firm has a market capitalization of $8.78 billion, a PE ratio of 19.23, a P/E/G ratio of 1.57 and a beta of 0.91. The firm’s 50-day moving average price is $47.73 and its 200 day moving average price is $51.13.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CNM. Barclays cut their target price on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Wednesday, March 25th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. Citigroup cut their price objective on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a report on Thursday, June 11th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $24.00 price objective on shares of Core & Main in a research report on Thursday, June 11th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.73.

Insider Activity at Core & Main

In other news, Director James D. Hope bought 2,067 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were acquired at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the transaction, the director directly owned 11,805 shares in the company, valued at $543,148.05. The trade was a 21.23% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.51% of the stock is owned by insiders.

Core & Main Company 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.