Core & Main, Inc. $CNM Position Reduced by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC reduced its stake in Core & Main, Inc. by 46.0% in the first quarter, selling 496,103 shares and now owning approximately 0.29% of the company valued at $28.1 million.
• Several hedge funds have modified their holdings in Core & Main, with Parallel Advisors LLC increasing its stake by 447.1%, indicating a growing interest among institutional investors.
• Core & Main's stock has a current price target ranging from $56.00 to $70.00 set by various analysts, with a consensus rating of "Hold" and expectations for an EPS of 2.16 for the current year.

Lord Abbett & CO. LLC reduced its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 46.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 582,352 shares of the company's stock after selling 496,103 shares during the period. Lord Abbett & CO. LLC owned about 0.29% of Core & Main worth $28,133,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Enhancing Capital LLC increased its position in shares of Core & Main by 0.6% in the 1st quarter. Enhancing Capital LLC now owns 31,846 shares of the company's stock valued at $1,538,000 after purchasing an additional 196 shares during the last quarter. CWM LLC increased its position in shares of Core & Main by 34.0% in the 1st quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after purchasing an additional 213 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Core & Main by 3.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock valued at $343,000 after purchasing an additional 229 shares during the last quarter. Crossmark Global Holdings Inc. grew its position in shares of Core & Main by 2.6% in the 1st quarter. Crossmark Global Holdings Inc. now owns 10,902 shares of the company's stock valued at $527,000 after buying an additional 272 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its position in shares of Core & Main by 1.5% in the 1st quarter. State of Alaska Department of Revenue now owns 22,285 shares of the company's stock valued at $1,076,000 after buying an additional 330 shares during the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Trading Up 0.3%

Shares of NYSE CNM traded up $0.2180 during midday trading on Tuesday, reaching $65.0480. 781,781 shares of the stock were exchanged, compared to its average volume of 1,968,705. The company has a market capitalization of $12.82 billion, a P/E ratio of 30.26, a P/E/G ratio of 1.89 and a beta of 1.04. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $65.97. The company has a current ratio of 1.96, a quick ratio of 1.10 and a debt-to-equity ratio of 1.23. The stock has a 50 day moving average price of $61.65 and a 200-day moving average price of $54.97.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 EPS for the quarter, hitting analysts' consensus estimates of $0.52. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.84 billion. Core & Main had a net margin of 5.47% and a return on equity of 23.55%. The company's quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.49 earnings per share. Core & Main has set its FY 2025 guidance at EPS. Equities research analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Core & Main news, Director James G. Castellano sold 43,994 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $61.98, for a total transaction of $2,726,748.12. Following the completion of the sale, the director directly owned 4,638 shares in the company, valued at $287,463.24. The trade was a 90.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark R. Witkowski sold 100,000 shares of the business's stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $61.26, for a total transaction of $6,126,000.00. Following the sale, the chief executive officer owned 35,847 shares of the company's stock, valued at approximately $2,195,987.22. This represents a 73.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 428,445 shares of company stock valued at $26,045,755. 3.53% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CNM. Citigroup increased their target price on shares of Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a research report on Tuesday, June 10th. Wells Fargo & Company raised their price objective on shares of Core & Main from $65.00 to $70.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. raised their price objective on shares of Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Loop Capital reiterated a "hold" rating and issued a $68.00 price objective on shares of Core & Main in a research note on Monday, July 28th. Finally, Royal Bank Of Canada raised their price objective on shares of Core & Main from $60.00 to $67.00 and gave the company an "outperform" rating in a research note on Tuesday, June 10th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $60.00.

About Core & Main

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.