Core & Main, Inc. (NYSE:CNM) Short Interest Update

Core & Main, Inc. (NYSE:CNM) saw a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 7,060,000 shares, an increase of 13.3% from the May 31st total of 6,230,000 shares. Currently, 3.7% of the shares of the stock are sold short. Based on an average trading volume of 2,160,000 shares, the short-interest ratio is presently 3.3 days.

Core & Main Stock Down 0.2 %

CNM stock traded down $0.11 during trading hours on Monday, hitting $48.83. The company’s stock had a trading volume of 384,724 shares, compared to its average volume of 2,618,539. The company has a quick ratio of 1.23, a current ratio of 2.14 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $9.84 billion, a PE ratio of 22.82, a price-to-earnings-growth ratio of 1.85 and a beta of 1.06. Core & Main has a 12 month low of $27.75 and a 12 month high of $62.15. The stock has a 50 day moving average price of $55.16 and a two-hundred day moving average price of $49.75.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, June 4th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.02). The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.72 billion. Core & Main had a return on equity of 20.01% and a net margin of 5.53%. Core & Main’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.50 earnings per share. On average, equities research analysts expect that Core & Main will post 2.32 earnings per share for the current year.

Analyst Upgrades and Downgrades

CNM has been the topic of several research reports. The Goldman Sachs Group upped their price objective on shares of Core & Main from $42.00 to $61.00 and gave the company a “neutral” rating in a research note on Tuesday, March 26th. Loop Capital upped their price objective on shares of Core & Main from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Royal Bank of Canada reiterated an “outperform” rating and issued a $60.00 price objective on shares of Core & Main in a research note on Wednesday, June 5th. Barclays upped their price objective on shares of Core & Main from $49.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. Finally, Citigroup lowered shares of Core & Main from a “buy” rating to a “neutral” rating and upped their price objective for the company from $63.00 to $64.00 in a research note on Friday, April 5th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.90.

Insider Transactions at Core & Main

In other Core & Main news, CAO John Weldon Stephens sold 5,503 shares of Core & Main stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $54.23, for a total value of $298,427.69. Following the transaction, the chief accounting officer now owns 4,281 shares in the company, valued at $232,158.63. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO John Weldon Stephens sold 5,503 shares of Core & Main stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $54.23, for a total value of $298,427.69. Following the transaction, the chief accounting officer now owns 4,281 shares of the company’s stock, valued at approximately $232,158.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Mark G. Whittenburg sold 50,000 shares of the company’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $54.08, for a total transaction of $2,704,000.00. Following the sale, the general counsel now directly owns 12,933 shares of the company’s stock, valued at $699,416.64. The disclosure for this sale can be found here. In the last three months, insiders sold 165,000 shares of company stock valued at $9,427,067. Company insiders own 3.49% of the company’s stock.

Institutional Trading of Core & Main

Large investors have recently modified their holdings of the company. Norges Bank bought a new stake in shares of Core & Main during the 4th quarter worth $69,282,000. Renaissance Capital LLC boosted its holdings in shares of Core & Main by 59.0% during the 4th quarter. Renaissance Capital LLC now owns 85,574 shares of the company’s stock worth $3,458,000 after buying an additional 31,740 shares during the period. Forest Avenue Capital Management LP bought a new stake in shares of Core & Main during the 4th quarter worth $13,085,000. State of Michigan Retirement System bought a new stake in Core & Main in the 4th quarter valued at $1,325,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Core & Main by 27.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,348,537 shares of the company’s stock valued at $54,494,000 after purchasing an additional 286,513 shares during the period. 94.19% of the stock is owned by institutional investors.

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.