Principal Financial Group Inc. Has $22.64 Million Stock Holdings in Core & Main, Inc. $CNM

Principal Financial Group Inc. decreased its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 2.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 420,569 shares of the company’s stock after selling 9,952 shares during the quarter. Principal Financial Group Inc.’s holdings in Core & Main were worth $22,639,000 at the end of the most recent quarter.

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

Core & Main Price Performance

CNM stock opened at $57.72 on Friday. The stock has a 50-day moving average price of $54.62 and a two-hundred day moving average price of $55.31. Core & Main, Inc. has a 1 year low of $43.17 and a 1 year high of $67.18. The stock has a market cap of $11.28 billion, a PE ratio of 25.43, a price-to-earnings-growth ratio of 2.13 and a beta of 0.98. 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 (NYSE:CNM) last posted its quarterly earnings data on Tuesday, December 9th. The company reported $0.72 earnings per share for the quarter, hitting the consensus estimate of $0.72. The company had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.Core & Main’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.69 earnings per share. Equities analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Robert W. Baird boosted their price objective on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, December 10th. Barclays decreased their price target on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 1st. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $63.00 price objective on shares of Core & Main in a research note on Friday, January 9th. Deutsche Bank Aktiengesellschaft lifted their target price on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Finally, Wells Fargo & Company boosted their target price on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

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.