Core & Main (NYSE:CNM) Reaches New 12-Month High – Here’s What Happened

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Royal Bank of Canada lowered their price target on shares of Core & Main from $62.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Robert W. Baird dropped their price target on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft initiated coverage on Core & Main in a research note on Tuesday, April 1st. They issued a “buy” rating and a $60.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price target on Core & Main from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $57.91.

Core & Main Price Performance

The company has a market cap of $11.83 billion, a price-to-earnings ratio of 28.08, a PEG ratio of 2.61 and a beta of 1.02. The company’s 50 day moving average price is $51.88 and its 200 day moving average price is $51.70. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36.

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

Insider Transactions at Core & Main

In other Core & Main news, insider Laura K. Schneider sold 45,695 shares of the firm’s stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $56.25, for a total value of $2,570,343.75. Following the transaction, the insider now directly owns 12,873 shares of the company’s stock, valued at $724,106.25. This trade represents a 78.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO John Weldon Stephens sold 10,214 shares of the company’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $53.02, for a total value of $541,546.28. Following the completion of the sale, the chief accounting officer now directly owns 4,120 shares of the company’s stock, valued at $218,442.40. The trade was a 71.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 107,666 shares of company stock valued at $5,768,852 in the last ninety days. Corporate insiders own 3.53% of the company’s stock.

Institutional Investors Weigh In On Core & Main

Several hedge funds have recently modified their holdings of CNM. Raymond James Financial Inc. acquired a new stake in Core & Main during the 4th quarter valued at $115,555,000. Norges Bank bought a new position in Core & Main in the 4th quarter worth approximately $99,734,000. Impax Asset Management Group plc raised its stake in Core & Main by 70.4% during 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 acquiring an additional 1,416,907 shares in the last quarter. Jennison Associates LLC acquired a new position in Core & Main during the 1st quarter worth $54,742,000. Finally, Federated Hermes Inc. raised its position in shares of Core & Main by 4,757.9% during the 4th quarter. Federated Hermes Inc. now owns 1,138,346 shares of the company’s stock worth $57,953,000 after buying an additional 1,114,913 shares in the last quarter. 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.