Lord Abbett & CO. LLC Buys 58,365 Shares of Core & Main, Inc. (NYSE:CNM)

Lord Abbett & CO. LLC grew its stake in Core & Main, Inc. (NYSE:CNM) by 6.9% during the third quarter, Holdings Channel.com reports. The fund owned 899,064 shares of the company’s stock after purchasing an additional 58,365 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Core & Main were worth $39,919,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. United Services Automobile Association grew its stake in Core & Main by 2.0% in the second quarter. United Services Automobile Association now owns 13,307 shares of the company’s stock worth $651,000 after purchasing an additional 266 shares in the last quarter. Andina Capital Management LLC grew its position in shares of Core & Main by 3.5% during the 3rd quarter. Andina Capital Management LLC now owns 8,707 shares of the company’s stock worth $387,000 after buying an additional 294 shares in the last quarter. CWM LLC increased its stake in shares of Core & Main by 25.6% during the second quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after buying an additional 334 shares during the period. GAMMA Investing LLC raised its holdings in shares of Core & Main by 61.1% in the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock valued at $60,000 after acquiring an additional 511 shares in the last quarter. Finally, Ashton Thomas Securities LLC bought a new stake in shares of Core & Main in the third quarter valued at about $26,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CNM has been the subject of several recent research reports. Barclays boosted their price target on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Loop Capital boosted their price objective on shares of Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $62.00 target price (up previously from $53.00) on shares of Core & Main in a research report on Wednesday, December 4th. Robert W. Baird boosted their price target on Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group upped their price objective on Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Core & Main presently has an average rating of “Moderate Buy” and an average target price of $58.10.

Core & Main Trading Down 0.4 %

Shares of NYSE:CNM opened at $52.21 on Friday. The business’s 50-day moving average is $46.53 and its 200 day moving average is $47.79. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. Core & Main, Inc. has a 1 year low of $37.22 and a 1 year high of $62.15. The firm has a market capitalization of $10.50 billion, a P/E ratio of 24.51, a P/E/G ratio of 2.95 and a beta of 1.04.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.04. The firm had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.65 earnings per share. On average, research analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Core & Main

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

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.