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

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

Analysts Set New Price Targets

Several research firms recently commented on CNM. Barclays increased their target price on Core & Main from $49.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, March 20th. Loop Capital increased their target price on Core & Main from $58.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Truist Financial dropped their target price on Core & Main from $56.00 to $50.00 and set a “hold” rating on the stock in a report on Wednesday, June 5th. The Goldman Sachs Group increased their target price on Core & Main from $42.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, March 26th. Finally, Citigroup lowered Core & Main from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $63.00 to $64.00 in a report on Friday, April 5th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.90.

Core & Main Stock Performance

Shares of CNM traded down $0.11 during mid-day trading on Monday, hitting $48.83. 384,724 shares of the company’s stock were exchanged, compared to its average volume of 2,618,539. Core & Main has a fifty-two week low of $27.75 and a fifty-two week high of $62.15. The firm has a market capitalization of $9.84 billion, a P/E ratio of 22.82, a P/E/G ratio of 1.85 and a beta of 1.06. The business’s 50 day moving average is $55.16 and its two-hundred day moving average is $49.75. The company has a current ratio of 2.14, a quick ratio of 1.23 and a debt-to-equity ratio of 1.46.

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

Insider Activity

In related news, CFO Mark R. Witkowski sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $58.51, for a total value of $2,925,500.00. Following the transaction, the chief financial officer now directly owns 23,898 shares in the company, valued at $1,398,271.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO John Weldon Stephens sold 9,497 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $55.19, for a total value of $524,139.43. Following the sale, the chief accounting officer now directly owns 4,281 shares in the company, valued at $236,268.39. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark R. Witkowski sold 50,000 shares of the stock in a transaction on Monday, April 8th. The shares were sold at an average price of $58.51, for a total value of $2,925,500.00. Following the completion of the sale, the chief financial officer now owns 23,898 shares in the company, valued at $1,398,271.98. The disclosure for this sale can be found here. Insiders sold 165,000 shares of company stock worth $9,427,067 over the last ninety days. Corporate insiders own 3.49% of the company’s stock.

Institutional Investors Weigh In On Core & Main

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Core & Main by 35.2% in the first quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock valued at $1,038,457,000 after purchasing an additional 4,721,510 shares during the period. Capital International Investors lifted its position in shares of Core & Main by 470.6% during the 1st quarter. Capital International Investors now owns 5,093,278 shares of the company’s stock valued at $291,590,000 after acquiring an additional 4,200,591 shares during the period. Handelsbanken Fonder AB lifted its position in shares of Core & Main by 180.1% during the 4th quarter. Handelsbanken Fonder AB now owns 2,707,385 shares of the company’s stock valued at $109,405,000 after acquiring an additional 1,740,685 shares during the period. Artemis Investment Management LLP lifted its position in shares of Core & Main by 148.0% during the 1st quarter. Artemis Investment Management LLP now owns 2,650,209 shares of the company’s stock valued at $151,655,000 after acquiring an additional 1,581,389 shares during the period. Finally, Bessemer Group Inc. lifted its position in shares of Core & Main by 915.9% during the 1st quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock valued at $148,073,000 after acquiring an additional 2,331,802 shares during the period. Institutional investors and hedge funds own 94.19% 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 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.