Lord Abbett & CO. LLC Grows Position in Core & Main, Inc. (NYSE:CNM)

Lord Abbett & CO. LLC raised its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 20.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,078,455 shares of the company's stock after purchasing an additional 179,391 shares during the period. Lord Abbett & CO. LLC owned 0.54% of Core & Main worth $54,904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in CNM. US Bancorp DE increased its position in shares of Core & Main by 12.3% in the 4th quarter. US Bancorp DE now owns 1,795 shares of the company's stock valued at $91,000 after acquiring an additional 197 shares during the period. Fifth Third Wealth Advisors LLC boosted its position in Core & Main by 4.8% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 5,616 shares of the company's stock valued at $286,000 after buying an additional 258 shares during the last quarter. Avior Wealth Management LLC increased its holdings in Core & Main by 51.3% in the 4th 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 period. Quadrant Capital Group LLC raised its position in Core & Main by 30.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company's stock worth $61,000 after buying an additional 278 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in shares of Core & Main by 5.1% in the 4th quarter. CIBC Asset Management Inc now owns 5,871 shares of the company's stock valued at $299,000 after acquiring an additional 287 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Core & Main news, CAO John Weldon Stephens sold 41,963 shares of the firm's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total transaction of $2,118,292.24. Following the completion of the sale, the chief accounting officer now owns 4,120 shares of the company's stock, valued at $207,977.60. This trade represents a 91.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Bradford A. Cowles sold 25,000 shares of the business's stock in a transaction dated 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 completion of the sale, the president now owns 16,010 shares in the company, valued at approximately $872,224.80. This trade represents a 60.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 99,045 shares of company stock worth $5,045,698. 3.49% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CNM has been the subject of a number of research reports. Wells Fargo & Company boosted their target price on shares of Core & Main from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, February 4th. Royal Bank of Canada dropped their target price on Core & Main from $62.00 to $60.00 and set an "outperform" rating on the stock in a report on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft initiated coverage on Core & Main in a report on Tuesday, April 1st. They issued a "buy" rating and a $60.00 price target for the company. Citigroup raised their price objective on shares of Core & Main from $43.00 to $56.00 and gave the stock a "neutral" rating in a research note on Monday, January 6th. Finally, Robert W. Baird decreased their target price on shares of Core & Main from $66.00 to $65.00 and set an "outperform" rating for the company in a research note on Wednesday, March 26th. One equities research 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. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $57.55.

Core & Main Price Performance

NYSE:CNM traded up $0.73 during trading hours on Thursday, hitting $53.41. 304,574 shares of the stock were exchanged, compared to its average volume of 2,292,486. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $62.15. The company has a market cap of $10.57 billion, a P/E ratio of 25.06, a P/E/G ratio of 2.61 and a beta of 1.05. The firm's fifty day moving average price is $48.91 and its 200 day moving average price is $49.84.

Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly earnings results 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 return on equity of 24.71% and a net margin of 5.71%. The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the previous year, the firm posted $0.34 earnings per share. The business's revenue was up 17.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

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.