Core & Main (NYSE:CNM) Shares Gap Down After Insider Selling

Core & Main, Inc. (NYSE:CNM)’s share price gapped down before the market opened on Tuesday following insider selling activity. The stock had previously closed at $46.69, but opened at $45.00. Core & Main shares last traded at $46.43, with a volume of 222,102 shares changing hands.

Specifically, EVP John R. Schaller sold 21,868 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $46.82, for a total transaction of $1,023,859.76. Following the transaction, the executive vice president now directly owns 16,452 shares in the company, valued at $770,282.64. This trade represents a 57.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

CNM has been the subject of several analyst reports. Wells Fargo & Company increased their price objective on Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. Truist Financial increased their price target on Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group raised their price target on Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a report on Thursday, December 5th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $62.00 price objective (up from $53.00) on shares of Core & Main in a research report on Wednesday, December 4th. Finally, Barclays upped their target price on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.60.

Core & Main Stock Up 2.0 %

The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The business’s 50-day moving average is $52.80 and its two-hundred day moving average is $48.56. The stock has a market capitalization of $9.43 billion, a price-to-earnings ratio of 22.29, a price-to-earnings-growth ratio of 2.61 and a beta of 1.05.

Institutional Trading of Core & Main

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Core & Main by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock worth $927,580,000 after purchasing an additional 221,970 shares during the last quarter. FMR LLC increased its holdings in shares of Core & Main by 4.1% during the 4th quarter. FMR LLC now owns 9,055,993 shares of the company’s stock worth $461,041,000 after buying an additional 358,909 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Core & Main by 0.8% during the 4th quarter. Invesco Ltd. now owns 5,926,569 shares of the company’s stock worth $301,722,000 after buying an additional 44,513 shares during the last quarter. State Street Corp lifted its holdings in Core & Main by 9.7% in the third quarter. State Street Corp now owns 5,522,009 shares of the company’s stock valued at $245,177,000 after acquiring an additional 489,224 shares during the last quarter. Finally, Pacer Advisors Inc. grew its position in Core & Main by 1.0% in the third quarter. Pacer Advisors Inc. now owns 4,250,219 shares of the company’s stock worth $188,710,000 after acquiring an additional 41,521 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

About Core & Main

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.