Core & Main, Inc. (NYSE:CNM) Sees Significant Decrease in Short Interest

Core & Main, Inc. (NYSE:CNM) saw a significant decline in short interest during the month of December. As of December 31st, there was short interest totalling 12,300,000 shares, a decline of 5.7% from the December 15th total of 13,050,000 shares. Based on an average daily trading volume, of 2,310,000 shares, the short-interest ratio is presently 5.3 days. Approximately 6.5% of the company’s stock are short sold.

Core & Main Trading Up 0.6 %

CNM opened at $55.21 on Monday. The firm has a 50 day simple moving average of $49.97 and a 200 day simple moving average of $47.96. Core & Main has a fifty-two week low of $37.22 and a fifty-two week high of $62.15. The company has a market cap of $10.97 billion, a price-to-earnings ratio of 25.92, a price-to-earnings-growth ratio of 2.79 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.

Core & Main (NYSE:CNM) last posted its quarterly earnings results 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. The company had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.99 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.65 EPS. On average, sell-side analysts anticipate that Core & Main will post 2.16 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Truist Financial raised their price target on shares of Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group increased their price objective on Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, December 5th. Robert W. Baird boosted their target price on shares of Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Loop Capital increased their target price on shares of Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Barclays upped their price objective on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. One equities research 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’s stock. According to data from MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and an average price target of $57.30.

Insiders Place Their Bets

In other Core & Main news, CEO Stephen O. Leclair sold 200,000 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 92,349 shares of the company’s stock, valued at $5,068,113.12. This represents a 68.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Bradford A. Cowles sold 50,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was 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 approximately $1,014,554.61. The trade was a 73.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 427,426 shares of company stock valued at $22,923,825 over the last quarter. Insiders own 3.49% of the company’s stock.

Institutional Trading of Core & Main

Institutional investors and hedge funds have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale grew its holdings in shares of Core & Main by 55.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 22,494 shares of the company’s stock valued at $1,129,000 after buying an additional 8,065 shares during the period. Envestnet Asset Management Inc. grew its stake in Core & Main by 153.8% in the second quarter. Envestnet Asset Management Inc. now owns 126,729 shares of the company’s stock valued at $6,202,000 after acquiring an additional 76,804 shares during the period. Brown Brothers Harriman & Co. bought a new stake in shares of Core & Main in the second quarter worth about $76,000. Dimensional Fund Advisors LP raised its position in shares of Core & Main by 15.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,818,679 shares of the company’s stock worth $89,007,000 after purchasing an additional 238,469 shares during the period. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in shares of Core & Main by 5.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 13,247 shares of the company’s stock valued at $648,000 after purchasing an additional 705 shares in the last quarter. 94.19% of the stock is owned by institutional investors.

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.