Core & Main (NYSE:CNM) Reaches New 52-Week Low Following Insider Selling

Core & Main, Inc. (NYSE:CNM) hit a new 52-week low during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $51.32 and last traded at $52.73, with a volume of 1405374 shares changing hands. The stock had previously closed at $52.94.

Specifically, CAO John Weldon Stephens sold 10,214 shares of the business’s stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $53.02, for a total value of $541,546.28. Following the sale, the chief accounting officer now directly owns 4,120 shares in the company, valued at $218,442.40. The trade was a 71.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Citigroup increased their price objective on shares of Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft started coverage on shares of Core & Main in a report on Tuesday, April 1st. They issued a “buy” rating and a $60.00 price objective on the stock. Robert W. Baird reduced their price objective on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. Royal Bank of Canada reduced their price objective on Core & Main from $62.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. Finally, Wells Fargo & Company raised their price target on Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Core & Main currently has an average rating of “Moderate Buy” and an average target price of $57.55.

Core & Main Stock Performance

The firm has a market cap of $10.49 billion, a price-to-earnings ratio of 24.89, a price-to-earnings-growth ratio of 2.61 and a beta of 1.05. The stock has a 50-day moving average of $48.97 and a 200-day moving average of $49.90. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The business had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the previous year, the business posted $0.34 EPS. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. As a group, analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Institutional Trading of Core & Main

A number of hedge funds and other institutional investors have recently modified their holdings of CNM. Charles Schwab Investment Management Inc. grew its holdings in Core & Main by 7.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,666,765 shares of the company’s stock worth $84,855,000 after acquiring an additional 122,240 shares during the period. Impax Asset Management Group plc grew its stake in Core & Main by 70.4% in the 4th quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company’s stock valued at $174,661,000 after purchasing an additional 1,416,907 shares during the period. B. Riley Wealth Advisors Inc. bought a new stake in shares of Core & Main in the 3rd quarter worth approximately $774,000. Federated Hermes Inc. lifted its holdings in Core & Main by 4,757.9% during the fourth quarter. Federated Hermes Inc. now owns 1,138,346 shares of the company’s stock valued at $57,953,000 after purchasing an additional 1,114,913 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Core & Main by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock valued at $927,580,000 after acquiring an additional 221,970 shares during the period. Institutional investors own 94.19% of the company’s stock.

Core & Main Company Profile

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.