Short Interest in Core & Main, Inc. (NYSE:CNM) Expands By 7.0%

Core & Main, Inc. (NYSE:CNM) was the target of a large growth in short interest in September. As of September 15th, there was short interest totalling 9,350,000 shares, a growth of 7.0% from the August 31st total of 8,740,000 shares. Approximately 4.9% of the shares of the stock are short sold. Based on an average trading volume of 2,690,000 shares, the days-to-cover ratio is presently 3.5 days.

Insider Transactions at Core & Main

In related news, Director James G. Castellano sold 12,500 shares of Core & Main stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $52.22, for a total value of $652,750.00. Following the completion of the transaction, the director now directly owns 11,769 shares of the company’s stock, valued at $614,577.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.49% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core & Main

Several hedge funds have recently made changes to their positions in CNM. Sanctuary Advisors LLC bought a new position in shares of Core & Main in the 2nd quarter valued at about $840,000. Teachers Retirement System of The State of Kentucky grew its stake in Core & Main by 3.6% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 54,800 shares of the company’s stock valued at $2,682,000 after purchasing an additional 1,900 shares in the last quarter. Truist Financial Corp increased its position in shares of Core & Main by 1,103.3% during the 2nd quarter. Truist Financial Corp now owns 495,199 shares of the company’s stock worth $24,235,000 after purchasing an additional 454,046 shares during the last quarter. Fiera Capital Corp raised its stake in shares of Core & Main by 7.9% during the 2nd quarter. Fiera Capital Corp now owns 162,250 shares of the company’s stock worth $7,941,000 after purchasing an additional 11,904 shares in the last quarter. Finally, Algert Global LLC raised its stake in shares of Core & Main by 12.4% during the 2nd quarter. Algert Global LLC now owns 176,875 shares of the company’s stock worth $8,656,000 after purchasing an additional 19,443 shares in the last quarter. 94.19% of the stock is owned by institutional investors.

Core & Main Stock Down 3.0 %

Shares of NYSE:CNM traded down $1.36 during trading on Monday, hitting $44.41. 3,249,963 shares of the company’s stock traded hands, compared to its average volume of 2,643,172. Core & Main has a 52 week low of $27.98 and a 52 week high of $62.15. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40. The company has a 50-day moving average price of $47.30 and a 200-day moving average price of $52.06. The company has a market cap of $8.95 billion, a price-to-earnings ratio of 21.39, a price-to-earnings-growth ratio of 2.87 and a beta of 1.04.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). The firm had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.05 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.66 earnings per share. As a group, research analysts forecast that Core & Main will post 2.1 EPS for the current fiscal year.

Core & Main declared that its Board of Directors has authorized a stock repurchase program on Wednesday, June 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CNM. Bank of America reduced their target price on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a research note on Thursday, September 5th. JPMorgan Chase & Co. dropped their target price on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. Loop Capital reduced their price target on Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. Royal Bank of Canada cut their target price on Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Finally, Truist Financial decreased their target price on Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.55.

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.