Principal Financial Group Inc. Sells 70,447 Shares of Core & Main, Inc. (NYSE:CNM)

Principal Financial Group Inc. decreased its position in Core & Main, Inc. (NYSE:CNM) by 5.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,215,942 shares of the company’s stock after selling 70,447 shares during the period. Principal Financial Group Inc.’s holdings in Core & Main were worth $53,988,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. ORG Wealth Partners LLC acquired a new stake in Core & Main during the 3rd quarter valued at $31,000. GAMMA Investing LLC raised its stake in shares of Core & Main by 61.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock valued at $60,000 after purchasing an additional 511 shares during the period. Brown Brothers Harriman & Co. acquired a new stake in shares of Core & Main in the 2nd quarter valued at about $76,000. CWM LLC increased its position in shares of Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after acquiring an additional 334 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Core & Main in the third quarter valued at about $93,000. 94.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CNM shares. Loop Capital reduced their price objective on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, September 5th. Robert W. Baird boosted their price objective on shares of Core & Main from $53.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada lowered their price target on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Truist Financial reduced their price objective on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. Finally, Wells Fargo & Company assumed coverage on shares of Core & Main in a research note on Monday, September 23rd. They issued an “overweight” rating and a $52.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.20.

Core & Main Price Performance

NYSE CNM opened at $43.58 on Monday. Core & Main, Inc. has a 1-year low of $31.21 and a 1-year high of $62.15. The stock has a market capitalization of $8.77 billion, a price-to-earnings ratio of 20.85, a PEG ratio of 3.07 and a beta of 1.02. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. The business’s fifty day moving average price is $43.69 and its 200-day moving average price is $49.64.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.13). Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The company had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter in the previous year, the firm earned $0.66 EPS. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, equities analysts predict that Core & Main, Inc. will post 2.1 earnings per share for the current year.

Core & Main Company Profile

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.