Core & Main (NYSE:CNM) Shares Down 5.4%

Core & Main, Inc. (NYSE:CNM) fell 5.4% on Tuesday . The stock traded as low as $50.72 and last traded at $50.82. 1,350,310 shares were traded during mid-day trading, a decline of 44% from the average session volume of 2,405,613 shares. The stock had previously closed at $53.71.

Analyst Ratings Changes

Several research analysts recently commented on the company. Truist Financial reduced their target price on Core & Main from $56.00 to $50.00 and set a “hold” rating for the company in a research report on Wednesday, June 5th. Royal Bank of Canada reissued an “outperform” rating and issued a $60.00 target price on shares of Core & Main in a research note on Wednesday, June 5th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.90.

Core & Main Stock Performance

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 $10.22 billion, a price-to-earnings ratio of 25.10, a PEG ratio of 1.92 and a beta of 1.06. The firm’s 50-day moving average price is $50.59 and its 200 day moving average price is $52.64.

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). Core & Main had a return on equity of 20.01% and a net margin of 5.53%. The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period last year, the firm earned $0.50 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, sell-side analysts anticipate that Core & Main, Inc. will post 2.32 EPS for the current year.

Insider Buying and Selling

In other news, Director James G. Castellano sold 12,500 shares of the business’s 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 sale, the director now directly owns 11,769 shares in the company, valued at $614,577.18. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.49% of the stock is currently owned by company insiders.

Institutional Trading of Core & Main

Several institutional investors and hedge funds have recently bought and sold shares of CNM. Federated Hermes Inc. raised its position in Core & Main by 8,320.4% during the fourth quarter. Federated Hermes Inc. now owns 34,187 shares of the company’s stock worth $1,381,000 after acquiring an additional 33,781 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Core & Main by 45.4% in the 4th quarter. New York State Common Retirement Fund now owns 99,832 shares of the company’s stock valued at $4,034,000 after purchasing an additional 31,155 shares during the last quarter. GAMMA Investing LLC bought a new position in Core & Main during the fourth quarter worth about $41,000. Yousif Capital Management LLC acquired a new position in Core & Main during the fourth quarter worth approximately $2,346,000. Finally, Truist Financial Corp raised its stake in Core & Main by 137.0% in the fourth quarter. Truist Financial Corp now owns 31,347 shares of the company’s stock valued at $1,267,000 after buying an additional 18,120 shares during the period. Institutional investors own 94.19% of the company’s stock.

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.