Pinnbrook Capital Management LP Makes New $4.74 Million Investment in Core & Main, Inc. (NYSE:CNM)

Pinnbrook Capital Management LP bought a new position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 117,387 shares of the company's stock, valued at approximately $4,744,000. Pinnbrook Capital Management LP owned about 0.05% of Core & Main at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CNM. Renaissance Capital LLC grew its holdings in Core & Main by 59.0% during the 4th quarter. Renaissance Capital LLC now owns 85,574 shares of the company's stock worth $3,458,000 after acquiring an additional 31,740 shares during the period. Exchange Traded Concepts LLC increased its stake in shares of Core & Main by 328.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 78,854 shares of the company's stock worth $3,186,000 after purchasing an additional 60,435 shares during the last quarter. State of Michigan Retirement System purchased a new stake in shares of Core & Main during the 4th quarter worth approximately $1,325,000. Vaughan Nelson Investment Management L.P. grew its stake in Core & Main by 4.4% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,734,897 shares of the company's stock valued at $70,107,000 after buying an additional 73,790 shares in the last quarter. Finally, Barclays PLC grew its stake in Core & Main by 1,608.3% in the 3rd quarter. Barclays PLC now owns 541,940 shares of the company's stock valued at $15,634,000 after buying an additional 510,216 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CNM. Truist Financial reissued a "hold" rating and issued a $38.00 price target on shares of Core & Main in a research note on Wednesday, March 20th. JPMorgan Chase & Co. upped their target price on shares of Core & Main from $38.00 to $54.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 19th. Barclays lifted their price target on shares of Core & Main from $49.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 20th. Loop Capital lifted their price target on shares of Core & Main from $58.00 to $64.00 and gave the stock a "buy" rating in a research note on Wednesday, March 20th. Finally, Citigroup downgraded shares of Core & Main from a "buy" rating to a "neutral" rating and raised their price objective for the company from $63.00 to $64.00 in a research report on Friday. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $50.08.

Insider Transactions at Core & Main

In related news, major shareholder Cd&R Investment Associates X, sold 22,907,815 shares of the firm's stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $40.98, for a total transaction of $938,762,258.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Core & Main news, major shareholder Cd&R Investment Associates X, sold 22,907,815 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $40.98, for a total transaction of $938,762,258.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Stephen O. Leclair sold 150,000 shares of the business's stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $40.66, for a total transaction of $6,099,000.00. Following the sale, the chief executive officer now owns 73,692 shares of the company's stock, valued at approximately $2,996,316.72. The disclosure for this sale can be found here. Insiders have sold 46,334,043 shares of company stock worth $1,836,262,410 over the last 90 days. 3.49% of the stock is currently owned by company insiders.

Core & Main Stock Down 1.1 %

CNM stock traded down $0.62 during trading on Monday, hitting $58.63. 1,658,410 shares of the company's stock traded hands, compared to its average volume of 3,086,369. The firm has a market capitalization of $11.81 billion, a P/E ratio of 27.27, a PEG ratio of 1.92 and a beta of 1.15. Core & Main, Inc. has a 1 year low of $21.87 and a 1 year high of $60.83. The company has a quick ratio of 1.30, a current ratio of 2.29 and a debt-to-equity ratio of 1.22. The business has a fifty day simple moving average of $49.49 and a two-hundred day simple moving average of $40.18.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Tuesday, March 19th. The company reported $0.34 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.34. Core & Main had a net margin of 5.54% and a return on equity of 18.22%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the prior year, the business posted $0.31 EPS. Core & Main's revenue for the quarter was up 4.8% compared to the same quarter last year. Sell-side analysts anticipate that Core & Main, Inc. will post 2.58 EPS for the current year.

Core & Main 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.

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