Core & Main (NYSE:CNM) Sees Unusually-High Trading Volume

Core & Main, Inc. (NYSE:CNM) shares saw strong trading volume on Thursday . 2,130,176 shares changed hands during trading, a decline of 15% from the previous session’s volume of 2,506,565 shares.The stock last traded at $39.59 and had previously closed at $39.40.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Loop Capital reduced their price objective on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday. Bank of America decreased their price objective on Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Thursday. Royal Bank of Canada dropped their target price on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday. Barclays reduced their target price on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. lowered their price target on Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a report on Tuesday. One research 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. According to MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and a consensus target price of $48.82.

Core & Main Price Performance

The company has a debt-to-equity ratio of 1.46, a current ratio of 2.14 and a quick ratio of 1.23. The stock has a market capitalization of $7.74 billion, a price-to-earnings ratio of 18.28, a PEG ratio of 1.82 and a beta of 1.06. The stock’s 50 day simple moving average is $50.10 and its 200-day simple moving average is $52.74.

Core & Main (NYSE:CNM) last posted its earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.13). The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.05 billion. Core & Main had a net margin of 5.53% and a return on equity of 20.01%. Core & Main’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter last year, the business earned $0.66 earnings per share. On average, analysts expect that Core & Main, Inc. will post 2.32 EPS for the current fiscal year.

Insider Activity at Core & Main

In other news, Director James G. Castellano sold 12,500 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $52.22, for a total transaction of $652,750.00. Following the completion of the sale, the director now owns 11,769 shares of the company’s stock, valued at $614,577.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.49% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CNM. Vanguard Group Inc. grew its position in Core & Main by 35.2% during the 1st quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock worth $1,038,457,000 after acquiring an additional 4,721,510 shares during the last quarter. Select Equity Group L.P. raised its stake in shares of Core & Main by 0.3% during the second quarter. Select Equity Group L.P. now owns 15,426,777 shares of the company’s stock valued at $754,986,000 after acquiring an additional 39,475 shares during the last quarter. Capital International Investors boosted 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 purchasing an additional 4,200,591 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Core & Main by 37.1% in the second quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock worth $205,974,000 after purchasing an additional 1,137,817 shares in the last quarter. Finally, Anomaly Capital Management LP lifted its stake in Core & Main by 35.9% in the second quarter. Anomaly Capital Management LP now owns 3,608,523 shares of the company’s stock valued at $176,601,000 after buying an additional 953,489 shares during the period. Institutional investors 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.