Core & Main, Inc. (NYSE:CNM) Short Interest Up 6.0% in December

Core & Main, Inc. (NYSE:CNM) was the target of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 13,050,000 shares, an increase of 6.0% from the November 30th total of 12,310,000 shares. Based on an average trading volume of 2,480,000 shares, the days-to-cover ratio is presently 5.3 days. Currently, 6.9% of the shares of the company are short sold.

Insider Transactions at Core & Main

In related news, President Bradford A. Cowles sold 50,000 shares of Core & Main stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $55.07, for a total value of $2,753,500.00. Following the sale, the president now directly owns 18,423 shares in the company, valued at $1,014,554.61. The trade was a 73.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Stephen O. Leclair sold 200,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total value of $10,976,000.00. Following the completion of the transaction, the chief executive officer now owns 92,349 shares of the company’s stock, valued at $5,068,113.12. The trade was a 68.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 290,000 shares of company stock worth $15,926,000 over the last ninety days. 3.49% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Ashton Thomas Securities LLC purchased a new position in shares of Core & Main during the 3rd quarter worth about $26,000. ORG Wealth Partners LLC acquired a new position in Core & Main during the third quarter worth approximately $31,000. Wilmington Savings Fund Society FSB purchased a new position in Core & Main during the third quarter worth approximately $49,000. GAMMA Investing LLC boosted its holdings in shares of Core & Main by 61.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock valued at $60,000 after purchasing an additional 511 shares during the last quarter. Finally, Brown Brothers Harriman & Co. purchased a new stake in shares of Core & Main during the 2nd quarter valued at $76,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Stock Up 0.8 %

CNM opened at $51.33 on Friday. The firm has a market cap of $10.20 billion, a P/E ratio of 24.10, a PEG ratio of 2.95 and a beta of 1.04. The business’s fifty day simple moving average is $48.18 and its 200 day simple moving average is $47.77. Core & Main has a 52 week low of $37.22 and a 52 week high of $62.15. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.04. The company had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period last year, the company earned $0.65 EPS. As a group, equities research analysts anticipate that Core & Main will post 2.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CNM has been the topic of several recent analyst reports. Loop Capital upped their target price on shares of Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Bank of America lowered their price target on Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Thursday, September 5th. The Goldman Sachs Group raised their price objective on Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a research note on Thursday, December 5th. Truist Financial boosted their target price on Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Finally, Robert W. Baird raised their price target on Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.