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

Principal Financial Group Inc. lowered its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 5.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,215,942 shares of the company's stock after selling 70,447 shares during the period. Principal Financial Group Inc. owned approximately 0.61% of Core & Main worth $53,988,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CNM. Lord Abbett & CO. LLC raised its position in shares of Core & Main by 6.9% during the third quarter. Lord Abbett & CO. LLC now owns 899,064 shares of the company's stock worth $39,919,000 after purchasing an additional 58,365 shares during the period. B. Riley Wealth Advisors Inc. bought a new stake in Core & Main during the 3rd quarter valued at $774,000. Retirement Systems of Alabama raised its holdings in Core & Main by 10.1% during the third quarter. Retirement Systems of Alabama now owns 254,759 shares of the company's stock worth $11,311,000 after buying an additional 23,277 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Core & Main during the third quarter worth $49,000. Finally, Geode Capital Management LLC lifted its stake in shares of Core & Main by 14.5% in the third quarter. Geode Capital Management LLC now owns 3,261,964 shares of the company's stock valued at $144,869,000 after buying an additional 412,520 shares in the last quarter. Institutional investors own 94.19% of the company's stock.

Core & Main Stock Performance

Shares of CNM stock traded up $0.58 during trading on Monday, reaching $51.12. 1,846,584 shares of the company's stock traded hands, compared to its average volume of 2,610,485. The firm's 50-day moving average is $47.32 and its 200 day moving average is $47.63. The company has a market capitalization of $10.16 billion, a P/E ratio of 24.00, a PEG ratio of 2.95 and a beta of 1.04. Core & Main, Inc. has a 1 year low of $37.22 and a 1 year high of $62.15. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36.

Core & Main (NYSE:CNM - Get Free Report) last posted its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.04. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The firm had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same quarter in the prior year, the business posted $0.65 earnings per share. The business's quarterly revenue was up 11.5% on a year-over-year basis. Equities research analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

Insider Buying and Selling at Core & Main

In related news, Director Margaret Newman sold 15,000 shares of Core & Main stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $55.25, for a total transaction of $828,750.00. Following the completion of the sale, the director now owns 11,769 shares of the company's stock, valued at approximately $650,237.25. This trade represents a 56.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Bradford A. Cowles sold 50,000 shares of the company's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $55.07, for a total value of $2,753,500.00. Following the completion of the transaction, the president now owns 18,423 shares in the company, valued at $1,014,554.61. This represents a 73.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 290,000 shares of company stock valued at $15,926,000 in the last quarter. 3.49% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CNM shares. Loop Capital upped their target price on shares of Core & Main from $52.00 to $63.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. dropped their target price on Core & Main from $54.00 to $52.00 and set an "overweight" rating on the stock in a report on Tuesday, September 3rd. Robert W. Baird increased their price target on Core & Main from $60.00 to $66.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. The Goldman Sachs Group upped their target price on shares of Core & Main from $50.00 to $57.00 and gave the stock a "neutral" rating in a research note on Thursday, December 5th. Finally, Wells Fargo & Company lifted their price target on Core & Main from $52.00 to $62.00 and gave the stock an "overweight" rating in a report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Core & Main has an average rating of "Moderate Buy" and a consensus price target of $58.10.

About Core & Main

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.