Pinebridge Investments L.P. Grows Position in Core & Main, Inc. (NYSE:CNM)

Pinebridge Investments L.P. raised its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 42.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,659 shares of the company's stock after buying an additional 16,360 shares during the period. Pinebridge Investments L.P.'s holdings in Core & Main were worth $2,783,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CNM. Wilmington Savings Fund Society FSB bought a new stake in Core & Main during the 3rd quarter valued at $49,000. Retirement Systems of Alabama lifted its position in shares of Core & Main by 10.1% in the 3rd quarter. Retirement Systems of Alabama now owns 254,759 shares of the company's stock worth $11,311,000 after purchasing an additional 23,277 shares during the period. B. Riley Wealth Advisors Inc. bought a new position in shares of Core & Main during the third quarter valued at approximately $774,000. Lord Abbett & CO. LLC increased its holdings in Core & Main by 6.9% during the third quarter. Lord Abbett & CO. LLC now owns 899,064 shares of the company's stock valued at $39,919,000 after buying an additional 58,365 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in Core & Main by 14.0% during the third quarter. JPMorgan Chase & Co. now owns 2,839,399 shares of the company's stock worth $126,069,000 after buying an additional 349,674 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Stock Performance

Shares of NYSE CNM traded down $0.21 during mid-day trading on Wednesday, hitting $52.73. The stock had a trading volume of 1,405,426 shares, compared to its average volume of 2,296,925. The firm has a market cap of $10.43 billion, a PE ratio of 24.76, a PEG ratio of 2.61 and a beta of 1.05. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. The company has a 50 day moving average of $48.87 and a two-hundred day moving average of $49.82. Core & Main, Inc. has a twelve month low of $37.22 and a twelve month high of $62.15.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings data on Tuesday, March 25th. The company reported $0.33 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.03). Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same period in the prior year, the company posted $0.34 earnings per share. The firm's revenue for the quarter was up 17.9% on a year-over-year basis. Research analysts predict that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada decreased their price objective on Core & Main from $62.00 to $60.00 and set an "outperform" rating for the company in a research note on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft started coverage on shares of Core & Main in a research report on Tuesday, April 1st. They set a "buy" rating and a $60.00 price target for the company. Wells Fargo & Company lifted their price objective on shares of Core & Main from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 4th. Citigroup increased their target price on shares of Core & Main from $43.00 to $56.00 and gave the company a "neutral" rating in a research report on Monday, January 6th. Finally, Robert W. Baird cut their price target on shares of Core & Main from $66.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, March 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Core & Main presently has an average rating of "Moderate Buy" and a consensus price target of $57.55.

Insider Buying and Selling at Core & Main

In other Core & Main news, President Bradford A. Cowles sold 25,000 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $54.48, for a total transaction of $1,362,000.00. Following the transaction, the president now directly owns 16,010 shares of the company's stock, valued at $872,224.80. This trade represents a 60.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO John Weldon Stephens sold 10,214 shares of the business's stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $53.02, for a total transaction of $541,546.28. Following the sale, the chief accounting officer now directly owns 4,120 shares of the company's stock, valued at $218,442.40. This represents a 71.26 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 99,045 shares of company stock valued at $5,045,698. 3.49% of the stock is owned by company insiders.

Core & Main Company 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.