Core & Main (NYSE:CNM) Sets New 12-Month High – Here’s Why

Core & Main, Inc. (NYSE:CNM) hit a new 52-week high on Monday . The company traded as high as $60.38 and last traded at $59.73, with a volume of 1393138 shares changing hands. The stock had previously closed at $59.68.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CNM. Royal Bank of Canada reduced their target price on shares of Core & Main from $62.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft initiated coverage on Core & Main in a report on Tuesday, April 1st. They set a “buy” rating and a $60.00 target price for the company. Robert W. Baird cut their price objective on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Core & Main from $54.00 to $56.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Core & Main currently has an average rating of “Moderate Buy” and an average target price of $57.91.

Core & Main Stock Performance

The firm has a market capitalization of $11.83 billion, a PE ratio of 28.08, a PEG ratio of 2.61 and a beta of 1.02. 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 company has a 50-day moving average of $51.88 and a 200 day moving average of $51.70.

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

Insider Activity at Core & Main

In other news, CAO John Weldon Stephens sold 41,963 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total transaction of $2,118,292.24. Following the transaction, the chief accounting officer now owns 4,120 shares in the company, valued at approximately $207,977.60. This trade represents a 91.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP John R. Schaller sold 9,794 shares of the company’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $55.00, for a total transaction of $538,670.00. Following the completion of the sale, the executive vice president now directly owns 19,689 shares of the company’s stock, valued at approximately $1,082,895. This trade represents a 33.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,666 shares of company stock valued at $5,768,852. 3.53% of the stock is owned by company insiders.

Institutional Trading of Core & Main

Several hedge funds and other institutional investors have recently bought and sold shares of CNM. Blue Trust Inc. raised its holdings in Core & Main by 187.4% in the fourth quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock worth $65,000 after purchasing an additional 830 shares in the last quarter. Summit Trail Advisors LLC boosted its stake in Core & Main by 8.6% in the 4th quarter. Summit Trail Advisors LLC now owns 9,690 shares of the company’s stock worth $493,000 after purchasing an additional 767 shares in the last quarter. Asset Management One Co. Ltd. grew its position in Core & Main by 13.1% during the 4th quarter. Asset Management One Co. Ltd. now owns 65,284 shares of the company’s stock worth $3,331,000 after purchasing an additional 7,565 shares during the last quarter. New Mexico Educational Retirement Board increased its stake in Core & Main by 10.9% during the 4th quarter. New Mexico Educational Retirement Board now owns 39,600 shares of the company’s stock valued at $2,016,000 after purchasing an additional 3,900 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC raised its holdings in shares of Core & Main by 9.3% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,838 shares of the company’s stock worth $450,000 after buying an additional 752 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

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.