Core & Main, Inc. (NYSE:CNM – Get Rating) was the target of a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 5,500,000 shares, an increase of 31.0% from the August 31st total of 4,200,000 shares. Based on an average daily trading volume, of 593,500 shares, the short-interest ratio is presently 9.3 days. Approximately 8.0% of the shares of the company are short sold.
Wall Street Analysts Forecast Growth
CNM has been the topic of several research analyst reports. Citigroup raised their target price on shares of Core & Main from $25.00 to $26.00 in a research note on Wednesday, September 14th. Barclays boosted their target price on Core & Main to $31.00 in a report on Tuesday, September 20th. Credit Suisse Group increased their price target on Core & Main from $29.00 to $32.00 and gave the company an “outperform” rating in a research note on Wednesday, September 14th. Truist Financial boosted their price objective on Core & Main from $25.00 to $28.00 and gave the stock a “hold” rating in a research note on Wednesday, September 14th. Finally, Robert W. Baird raised their target price on Core & Main from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Wednesday, September 14th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Core & Main has an average rating of “Hold” and an average price target of $29.30.
Core & Main Trading Up 0.1 %
NYSE CNM traded up $0.03 on Friday, hitting $22.74. 842,703 shares of the company were exchanged, compared to its average volume of 802,421. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.28 and a quick ratio of 1.20. Core & Main has a twelve month low of $20.00 and a twelve month high of $32.54. The firm has a market capitalization of $5.59 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 0.86 and a beta of 1.08. The company’s 50 day moving average price is $23.74 and its 200-day moving average price is $23.33.
Core & Main (NYSE:CNM – Get Rating) last posted its quarterly earnings data on Tuesday, September 13th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.16. Core & Main had a net margin of 5.13% and a return on equity of 23.39%. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the previous year, the company posted $0.10 EPS. The company’s quarterly revenue was up 43.4% compared to the same quarter last year. Analysts predict that Core & Main will post 1.94 earnings per share for the current fiscal year.
Insider Activity at Core & Main
In other Core & Main news, General Counsel Mark G. Whittenburg sold 5,296 shares of the firm’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $24.78, for a total value of $131,234.88. Following the transaction, the general counsel now owns 5,286 shares of the company’s stock, valued at $130,987.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, General Counsel Mark G. Whittenburg sold 5,296 shares of the stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $24.78, for a total value of $131,234.88. Following the completion of the transaction, the general counsel now directly owns 5,286 shares of the company’s stock, valued at approximately $130,987.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Cd&R Investment Associates X, sold 11,000,000 shares of the firm’s stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $23.53, for a total value of $258,830,000.00. The disclosure for this sale can be found here. Insiders sold a total of 11,104,537 shares of company stock valued at $261,422,657 in the last quarter. Insiders own 1.20% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of CNM. Los Angeles Capital Management LLC boosted its holdings in Core & Main by 1.7% in the second quarter. Los Angeles Capital Management LLC now owns 34,066 shares of the company’s stock worth $760,000 after purchasing an additional 575 shares in the last quarter. Captrust Financial Advisors boosted its stake in shares of Core & Main by 3.8% during the 2nd quarter. Captrust Financial Advisors now owns 19,074 shares of the company’s stock worth $425,000 after acquiring an additional 703 shares in the last quarter. Islay Capital Management LLC increased its holdings in shares of Core & Main by 18.6% during the 2nd quarter. Islay Capital Management LLC now owns 4,901 shares of the company’s stock valued at $109,000 after acquiring an additional 770 shares during the last quarter. Assetmark Inc. raised its stake in shares of Core & Main by 155.2% in the 2nd quarter. Assetmark Inc. now owns 1,613 shares of the company’s stock valued at $36,000 after acquiring an additional 981 shares in the last quarter. Finally, Pinebridge Investments L.P. lifted its holdings in Core & Main by 6.2% in the 2nd quarter. Pinebridge Investments L.P. now owns 16,960 shares of the company’s stock worth $378,000 after purchasing an additional 991 shares during the last quarter. Institutional investors and hedge funds own 94.93% of the company’s stock.
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 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, and other related products; fire protection products, including fire protection pipes, sprinkler heads and other devices, fire suppression systems, and related accessories, as well as fabrication services; and meter products, such as smart meter products, installation, software and other services.
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