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

Zimmer Partners LP lifted its stake in shares of Core & Main, Inc. (NYSE:CNM) by 535.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,303,000 shares of the company’s stock after purchasing an additional 1,098,000 shares during the quarter. Core & Main accounts for 1.1% of Zimmer Partners LP’s holdings, making the stock its 24th biggest holding. Zimmer Partners LP owned approximately 0.65% of Core & Main worth $57,853,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of CNM. QRG Capital Management Inc. boosted its holdings in shares of Core & Main by 1.9% in the 2nd quarter. QRG Capital Management Inc. now owns 12,153 shares of the company’s stock valued at $595,000 after purchasing an additional 228 shares in the last quarter. United Services Automobile Association boosted its stake in Core & Main by 2.0% in the second quarter. United Services Automobile Association now owns 13,307 shares of the company’s stock valued at $651,000 after buying an additional 266 shares in the last quarter. Andina Capital Management LLC boosted its stake in Core & Main by 3.5% in the third quarter. Andina Capital Management LLC now owns 8,707 shares of the company’s stock valued at $387,000 after buying an additional 294 shares in the last quarter. CWM LLC boosted its stake in Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after buying an additional 334 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Core & Main by 61.1% in the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock valued at $60,000 after buying an additional 511 shares in the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Core & Main

In other Core & Main news, Director Margaret Newman sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $55.25, for a total value of $828,750.00. Following the transaction, the director now directly owns 11,769 shares of the company’s stock, valued at approximately $650,237.25. The trade was a 56.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Bradford A. Cowles sold 50,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $55.07, for a total transaction of $2,753,500.00. Following the transaction, the president now owns 18,423 shares in the company, valued at $1,014,554.61. The trade was a 73.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 290,000 shares of company stock worth $15,926,000 over the last quarter. Company insiders own 3.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Barclays raised their price target on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday. Bank of America cut their target price on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Thursday, September 5th. Loop Capital raised their price objective on Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and set a $62.00 price objective (up previously from $53.00) on shares of Core & Main in a report on Wednesday. Finally, Wells Fargo & Company raised their price objective on Core & Main from $52.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $58.10.

Core & Main Stock Performance

Shares of CNM stock opened at $53.88 on Friday. The stock has a market capitalization of $10.84 billion, a PE ratio of 25.30, a PEG ratio of 3.59 and a beta of 1.04. The business’s 50 day simple moving average is $45.60 and its 200 day simple moving average is $48.11. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.34. Core & Main, Inc. has a one year low of $35.70 and a one year high of $62.15.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. The firm had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.65 EPS. As a group, research analysts forecast 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.