Insider Selling: Core & Main, Inc. (NYSE:CNM) President Sells 12,500 Shares of Stock

Core & Main, Inc. (NYSE:CNM) President Bradford A. Cowles sold 12,500 shares of the business’s stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $54.07, for a total value of $675,875.00. Following the transaction, the president now directly owns 16,010 shares in the company, valued at $865,660.70. This trade represents a 43.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Core & Main Price Performance

Shares of CNM traded up $2.19 during trading hours on Tuesday, hitting $53.94. 2,098,781 shares of the company were exchanged, compared to its average volume of 1,603,635. The company has a market capitalization of $10.72 billion, a PE ratio of 25.32, a PEG ratio of 2.95 and a beta of 1.02. 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 fifty day simple moving average of $49.42 and a 200-day simple moving average of $47.83. Core & Main, Inc. has a one year low of $37.22 and a one year high of $62.15.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.99 billion. During the same period last year, the company earned $0.65 earnings per share. Core & Main’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, sell-side analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Institutional Investors Weigh In On Core & Main

Several hedge funds and other institutional investors have recently made changes to their positions in CNM. PointState Capital LP bought a new position in Core & Main during the third quarter worth about $100,013,000. FMR LLC raised its position in Core & Main by 28.0% in the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock worth $386,151,000 after purchasing an additional 1,903,280 shares during the last quarter. Impax Asset Management Group plc raised its position in Core & Main by 373.0% in the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock worth $89,416,000 after purchasing an additional 1,588,117 shares during the last quarter. Spruce House Investment Management LLC raised its position in Core & Main by 400.0% in the 3rd quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company’s stock worth $66,600,000 after purchasing an additional 1,200,000 shares during the last quarter. Finally, Pacer Advisors Inc. grew its holdings in Core & Main by 37.1% during the 2nd quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock worth $205,974,000 after acquiring an additional 1,137,817 shares during the period. 94.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on CNM shares. Robert W. Baird boosted their price objective on Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $62.00 price target (up previously from $53.00) on shares of Core & Main in a research note on Wednesday, December 4th. Citigroup upped their price target on Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, January 6th. Truist Financial boosted their price objective on Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company boosted their price objective on Core & Main from $52.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.30.

About Core & Main

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.