Truist Financial Corp Grows Position in Core & Main, Inc. $CNM

Truist Financial Corp grew its stake in Core & Main, Inc. (NYSE:CNM) by 7.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 910,053 shares of the company’s stock after buying an additional 64,107 shares during the period. Truist Financial Corp owned 0.46% of Core & Main worth $48,988,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CNM. Norges Bank acquired a new position in shares of Core & Main in the 2nd quarter valued at $116,333,000. AMF Tjanstepension AB acquired a new stake in shares of Core & Main during the third quarter worth about $41,558,000. Fernbridge Capital Management LP boosted its position in Core & Main by 180.4% in the second quarter. Fernbridge Capital Management LP now owns 1,071,238 shares of the company’s stock valued at $64,649,000 after buying an additional 689,228 shares during the last quarter. Jennison Associates LLC increased its holdings in Core & Main by 41.7% in the 3rd quarter. Jennison Associates LLC now owns 2,087,166 shares of the company’s stock worth $112,352,000 after buying an additional 614,595 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in Core & Main in the 2nd quarter worth approximately $25,461,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Stock Down 1.8%

Shares of CNM opened at $54.18 on Friday. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. Core & Main, Inc. has a 12 month low of $43.17 and a 12 month high of $67.18. The stock’s 50 day moving average is $53.60 and its two-hundred day moving average is $55.62. The firm has a market cap of $10.59 billion, a P/E ratio of 23.87, a PEG ratio of 2.19 and a beta of 0.98.

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

Core & Main declared that its Board of Directors has authorized a share buyback plan on Tuesday, December 9th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CNM shares. Wells Fargo & Company upped their price objective on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Zacks Research raised Core & Main from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 31st. Barclays decreased their price objective on Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 1st. Finally, Citigroup lifted their price target on Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

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.