Allianz Asset Management GmbH Has $40.90 Million Stock Position in Core & Main, Inc. (NYSE:CNM)

Allianz Asset Management GmbH lifted its stake in Core & Main, Inc. (NYSE:CNM) by 2.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 803,453 shares of the company’s stock after purchasing an additional 15,404 shares during the quarter. Allianz Asset Management GmbH owned 0.40% of Core & Main worth $40,904,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of CNM. PointState Capital LP acquired a new position in shares of Core & Main in the 3rd quarter valued at $100,013,000. FMR LLC boosted its position in Core & Main by 28.0% during the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock worth $386,151,000 after acquiring an additional 1,903,280 shares during the period. Impax Asset Management Group plc boosted its position in Core & Main by 373.0% during the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock worth $89,416,000 after acquiring an additional 1,588,117 shares during the period. Spruce House Investment Management LLC boosted its position in Core & Main by 400.0% during the 3rd quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company’s stock worth $66,600,000 after acquiring an additional 1,200,000 shares during the period. Finally, Zimmer Partners LP boosted its position in Core & Main by 535.6% during the 3rd quarter. Zimmer Partners LP now owns 1,303,000 shares of the company’s stock worth $57,853,000 after acquiring an additional 1,098,000 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

CNM has been the subject of a number of research reports. Royal Bank of Canada restated an “outperform” rating and set a $62.00 price objective (up from $53.00) on shares of Core & Main in a research report on Wednesday, December 4th. Citigroup raised their price objective on Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, January 6th. Truist Financial raised their price objective on Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Loop Capital raised their price objective on Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Robert W. Baird raised their price target on Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $57.60.

Core & Main Stock Down 2.8 %

CNM opened at $50.97 on Friday. Core & Main, Inc. has a fifty-two week low of $37.22 and a fifty-two week high of $62.15. The business has a 50-day moving average of $53.44 and a 200-day moving average of $48.71. 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 company has a market capitalization of $10.13 billion, a PE ratio of 23.93, a price-to-earnings-growth ratio of 2.61 and a beta of 1.03.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The business had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same period last year, the business earned $0.65 EPS. The firm’s revenue was up 11.5% compared to the same quarter last year. Equities research analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Insider Activity at Core & Main

In related news, EVP John R. Schaller sold 60,452 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $50.57, for a total value of $3,057,057.64. Following the transaction, the executive vice president now directly owns 17,898 shares of the company’s stock, valued at approximately $905,101.86. This trade represents a 77.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Stephen O. Leclair sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total value of $10,976,000.00. Following the completion of the transaction, the chief executive officer now directly owns 92,349 shares in the company, valued at $5,068,113.12. The trade was a 68.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 452,426 shares of company stock valued at $24,285,825. Corporate insiders own 3.49% of the company’s stock.

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.