Zimmer Partners LP Has $57.85 Million Stock Position in Core & Main, Inc. (NYSE:CNM)

Zimmer Partners LP lifted its position in shares of Core & Main, Inc. (NYSE:CNM) by 535.6% during the third quarter, Holdings Channel.com reports. The firm owned 1,303,000 shares of the company’s stock after purchasing an additional 1,098,000 shares during the period. Core & Main accounts for 1.1% of Zimmer Partners LP’s holdings, making the stock its 24th biggest position. Zimmer Partners LP’s holdings in Core & Main were worth $57,853,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CNM. Ashton Thomas Securities LLC acquired a new position in Core & Main during the third quarter worth $26,000. ORG Wealth Partners LLC acquired a new stake in shares of Core & Main in the 3rd quarter worth about $31,000. GAMMA Investing LLC raised 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 last quarter. Brown Brothers Harriman & Co. purchased a new stake in shares of Core & Main in the second quarter worth approximately $76,000. Finally, CWM LLC raised its stake in shares of Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company’s stock worth $80,000 after purchasing an additional 334 shares during the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Core & Main

In related news, EVP Jeffrey D. Giles sold 25,000 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $54.71, for a total transaction of $1,367,750.00. Following the sale, the executive vice president now owns 11,615 shares of the company’s stock, valued at approximately $635,456.65. This represents a 68.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Margaret Newman sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $55.25, for a total value of $828,750.00. Following the completion of the transaction, the director now owns 11,769 shares of the company’s stock, valued at approximately $650,237.25. This represents a 56.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 290,000 shares of company stock worth $15,926,000 over the last quarter. Corporate insiders own 3.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Loop Capital increased their price target on Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday. Bank of America lowered their target price on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. The Goldman Sachs Group increased their target price on shares of Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday. Truist Financial increased their target price on shares of Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a report on Wednesday. Finally, Barclays increased their price objective on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have given 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 a consensus target price of $58.10.

Core & Main Stock Performance

NYSE:CNM opened at $53.88 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.34. The business has a fifty day simple moving average of $45.60 and a two-hundred day simple moving average of $48.11. Core & Main, Inc. has a 1 year low of $35.70 and a 1 year high of $62.15. The company has a market capitalization of $10.84 billion, a P/E ratio of 25.30, a P/E/G ratio of 3.59 and a beta of 1.04.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04. The company had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.65 EPS. On average, analysts expect that Core & Main, Inc. will post 2.14 earnings per share for the current year.

Core & Main Company 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.