Insider Selling: Core & Main, Inc. (NYSE:CNM) Director Sells 15,000 Shares of Stock

Core & Main, Inc. (NYSE:CNM) Director Margaret Newman sold 15,000 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $55.25, for a total value of $828,750.00. Following the sale, the director now owns 11,769 shares of the company’s stock, valued at $650,237.25. This trade represents a 56.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Core & Main Stock Performance

Shares of NYSE:CNM opened at $53.88 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.34. The business’s fifty day moving average price is $45.44 and its two-hundred day moving average price is $48.15. Core & Main, Inc. has a fifty-two week low of $35.70 and a fifty-two week high of $62.15. The stock has a market capitalization of $10.84 billion, a price-to-earnings ratio of 25.30, a price-to-earnings-growth ratio of 3.63 and a beta of 1.04.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The company had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $1.99 billion. During the same quarter in the previous year, the company posted $0.65 earnings per share. Core & Main’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, analysts predict that Core & Main, Inc. will post 2.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Core & Main

Large investors have recently made changes to their positions in the company. CWM LLC raised its stake in shares of Core & Main by 25.6% during the second quarter. CWM LLC now owns 1,638 shares of the company’s stock worth $80,000 after buying an additional 334 shares during the last quarter. QRG Capital Management Inc. grew its holdings in Core & Main by 1.9% during the 2nd quarter. QRG Capital Management Inc. now owns 12,153 shares of the company’s stock worth $595,000 after acquiring an additional 228 shares during the period. SG Americas Securities LLC raised its position in shares of Core & Main by 542.1% during the 2nd quarter. SG Americas Securities LLC now owns 39,415 shares of the company’s stock valued at $1,929,000 after acquiring an additional 33,277 shares during the last quarter. Andina Capital Management LLC lifted its stake in shares of Core & Main by 12.4% in the 2nd quarter. Andina Capital Management LLC now owns 8,413 shares of the company’s stock valued at $412,000 after purchasing an additional 929 shares during the period. Finally, Border to Coast Pensions Partnership Ltd bought a new position in shares of Core & Main in the 2nd quarter worth $16,760,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CNM. Royal Bank of Canada reaffirmed an “outperform” rating and set a $62.00 target price (up from $53.00) on shares of Core & Main in a research report on Wednesday. Bank of America reduced their price objective on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research note on Thursday, September 5th. Robert W. Baird lifted their target price on shares of Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Wednesday. Truist Financial upped their price target on shares of Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Wells Fargo & Company lifted their price objective on shares of Core & Main from $52.00 to $62.00 and gave the stock an “overweight” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.10.

About Core & Main

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.