Core & Main, Inc. (NYSE:CNM) Short Interest Up 13.3% in June

Core & Main, Inc. (NYSE:CNM) was the recipient of a large increase in short interest during 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. Based on an average trading volume of 2,160,000 shares, the days-to-cover ratio is currently 3.3 days. Currently, 3.7% of the shares of the stock are sold short.

Insider Activity

In other 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 transaction of $298,427.69. Following the completion of the sale, the chief accounting officer now owns 4,281 shares in the company, valued at approximately $232,158.63. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other 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 transaction of $298,427.69. Following the completion of the sale, the chief accounting officer now owns 4,281 shares in the company, valued at approximately $232,158.63. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark R. Witkowski sold 50,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 23,898 shares in the company, valued at $1,398,271.98. The disclosure for this sale can be found here. In the last 90 days, insiders sold 165,000 shares of company stock worth $9,427,067. 3.49% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core & Main

A number of hedge funds and other institutional investors have recently made changes to their positions in CNM. Quadrant Capital Group LLC grew its stake in Core & Main by 74.5% in the fourth quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock worth $35,000 after purchasing an additional 365 shares during the period. Lisanti Capital Growth LLC grew its stake in Core & Main by 0.3% in the first quarter. Lisanti Capital Growth LLC now owns 157,865 shares of the company’s stock worth $9,038,000 after purchasing an additional 395 shares during the period. Rise Advisors LLC purchased a new stake in Core & Main in the first quarter worth $27,000. Sheaff Brock Investment Advisors LLC grew its stake in Core & Main by 7.1% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 7,229 shares of the company’s stock worth $414,000 after purchasing an additional 481 shares during the period. Finally, Isthmus Partners LLC grew its stake in Core & Main by 0.7% in the first quarter. Isthmus Partners LLC now owns 97,637 shares of the company’s stock worth $5,590,000 after purchasing an additional 660 shares during the period. Institutional investors own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

CNM has been the topic of a number of research reports. Loop Capital raised their price objective on Core & Main from $58.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Barclays raised their price objective on Core & Main from $49.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, March 20th. Truist Financial decreased their price target on Core & Main from $56.00 to $50.00 and set a “hold” rating on the stock in a research note on Wednesday, June 5th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $60.00 price target on shares of Core & Main in a research note on Wednesday, June 5th. Finally, The Goldman Sachs Group lifted their price target on Core & Main from $42.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 26th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.90.

Core & Main Trading Up 1.2 %

Shares of Core & Main stock traded up $0.58 during midday trading on Wednesday, reaching $48.97. 417,268 shares of the company’s stock traded hands, compared to its average volume of 2,603,416. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 2.14. The company has a market cap of $9.87 billion, a PE ratio of 22.60, a price-to-earnings-growth ratio of 1.85 and a beta of 1.06. The stock has a 50 day moving average of $54.89 and a 200-day moving average of $49.88. Core & Main has a 12 month low of $27.75 and a 12 month high of $62.15.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, June 4th. The company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02). The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate 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 was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.50 EPS. As a group, equities analysts expect that Core & Main will post 2.32 EPS for the current fiscal year.

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.