Lord Abbett & CO. LLC Has $39.92 Million Stake in Core & Main, Inc. (NYSE:CNM)

Lord Abbett & CO. LLC increased its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 6.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 899,064 shares of the company's stock after buying an additional 58,365 shares during the period. Lord Abbett & CO. LLC owned about 0.45% of Core & Main worth $39,919,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Ashton Thomas Securities LLC bought a new position in Core & Main during the 3rd quarter worth $26,000. ORG Wealth Partners LLC acquired a new position in shares of Core & Main during the third quarter valued at $31,000. Wilmington Savings Fund Society FSB bought a new position in shares of Core & Main during the third quarter worth about $49,000. GAMMA Investing LLC increased its holdings in shares of Core & Main by 61.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company's stock worth $60,000 after acquiring an additional 511 shares during the period. Finally, Brown Brothers Harriman & Co. bought a new stake in Core & Main in the 2nd quarter valued at about $76,000. Institutional investors own 94.19% of the company's stock.

Insider Buying and Selling

In other news, President Bradford A. Cowles sold 50,000 shares of the company's stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $55.07, for a total value of $2,753,500.00. Following the transaction, the president now owns 18,423 shares of the company's stock, valued at approximately $1,014,554.61. This represents a 73.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey D. Giles sold 25,000 shares of Core & Main stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $54.71, for a total value of $1,367,750.00. Following the sale, the executive vice president now directly owns 11,615 shares of the company's stock, valued at approximately $635,456.65. The trade was a 68.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 290,000 shares of company stock worth $15,926,000. Insiders own 3.49% of the company's stock.

Core & Main Stock Down 0.4 %

Shares of CNM traded down $0.19 during midday trading on Friday, hitting $52.21. The stock had a trading volume of 2,222,015 shares, compared to its average volume of 2,588,743. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The firm has a market cap of $10.50 billion, a price-to-earnings ratio of 24.51, a price-to-earnings-growth ratio of 2.95 and a beta of 1.04. The company has a 50 day simple moving average of $46.53 and a two-hundred day simple moving average of $47.79. 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, December 3rd. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.04. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same quarter in the previous year, the firm posted $0.65 earnings per share. The firm's revenue for the quarter was up 11.5% on a year-over-year basis. On average, analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Wells Fargo & Company upped their target price on shares of Core & Main from $52.00 to $62.00 and gave the stock an "overweight" rating in a research report on Thursday, December 5th. JPMorgan Chase & Co. decreased their price objective on shares of Core & Main from $54.00 to $52.00 and set an "overweight" rating for the company in a report on Tuesday, September 3rd. Bank of America dropped their target price on Core & Main from $38.00 to $34.00 and set an "underperform" rating on the stock in a report on Thursday, September 5th. The Goldman Sachs Group lifted their price target on Core & Main from $50.00 to $57.00 and gave the stock a "neutral" rating in a research note on Thursday, December 5th. Finally, Barclays raised their target price on shares of Core & Main from $57.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $58.10.

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.