Fifth Third Bancorp Increases Stock Position in Core & Main, Inc. (NYSE:CNM)

Fifth Third Bancorp increased its position in shares of Core & Main, Inc. (NYSE:CNM) by 2.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,589 shares of the company’s stock after purchasing an additional 374 shares during the quarter. Fifth Third Bancorp’s holdings in Core & Main were worth $692,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new position in Core & Main in the 3rd quarter valued at $26,000. ORG Wealth Partners LLC bought a new position in Core & Main during the third quarter valued at about $31,000. Avior Wealth Management LLC increased its holdings in Core & Main by 51.3% during the fourth quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock worth $41,000 after buying an additional 271 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Core & Main in the third quarter worth about $49,000. Finally, UMB Bank n.a. boosted its stake in Core & Main by 246.0% in the fourth quarter. UMB Bank n.a. now owns 962 shares of the company’s stock valued at $49,000 after acquiring an additional 684 shares during the last quarter. 94.19% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CNM has been the topic of a number of recent research reports. Barclays upped their price target on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $62.00 target price (up previously from $53.00) on shares of Core & Main in a research note on Wednesday, December 4th. Truist Financial raised their price objective on shares of Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Citigroup boosted their target price on shares of Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, January 6th. Finally, Robert W. Baird raised their price target on Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.30.

Insider Transactions at Core & Main

In other Core & Main news, CEO Stephen O. Leclair sold 200,000 shares of Core & Main stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the completion of the sale, the chief executive officer now owns 92,349 shares of the company’s stock, valued at $5,068,113.12. The trade was a 68.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Mark G. Whittenburg sold 50,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $50.49, for a total value of $2,524,500.00. Following the transaction, the general counsel now directly owns 7,667 shares in the company, valued at approximately $387,106.83. This represents a 86.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 427,426 shares of company stock valued at $22,923,825. Insiders own 3.49% of the company’s stock.

Core & Main Price Performance

Shares of NYSE CNM opened at $56.52 on Thursday. The stock’s 50-day simple moving average is $52.10 and its two-hundred day simple moving average is $48.35. Core & Main, Inc. has a twelve month low of $37.22 and a twelve month high of $62.15. The firm has a market capitalization of $11.23 billion, a P/E ratio of 26.53, a P/E/G ratio of 3.16 and a beta of 1.02. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same period last year, the firm posted $0.65 earnings per share. Core & Main’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, equities analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main Profile

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.