Core & Main (NYSE:CNM) Reaches New 1-Year High – Here’s Why

Core & Main, Inc. (NYSE:CNM) reached a new 52-week high on Thursday . The stock traded as high as $61.94 and last traded at $61.86, with a volume of 1532511 shares. The stock had previously closed at $61.29.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Royal Bank Of Canada increased their price target on shares of Core & Main from $60.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday, June 10th. Citigroup upped their target price on shares of Core & Main from $56.00 to $62.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 10th. Wells Fargo & Company raised their price target on shares of Core & Main from $60.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 10th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Core & Main in a research report on Tuesday, April 1st. They issued a “buy” rating and a $60.00 target price for the company. Finally, Loop Capital increased their price target on shares of Core & Main from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $59.55.

Core & Main Stock Performance

The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.10 and a current ratio of 1.96. The stock has a fifty day simple moving average of $55.46 and a two-hundred day simple moving average of $52.60. The stock has a market capitalization of $12.19 billion, a price-to-earnings ratio of 28.77, a P/E/G ratio of 1.81 and a beta of 1.04.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.52. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.84 billion. Core & Main had a net margin of 5.47% and a return on equity of 23.55%. Core & Main’s revenue was up 9.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.49 earnings per share. Analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Transactions at Core & Main

In other news, General Counsel Mark G. Whittenburg sold 49,100 shares of the business’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $60.03, for a total transaction of $2,947,473.00. Following the completion of the sale, the general counsel directly owned 9,691 shares of the company’s stock, valued at $581,750.73. The trade was a 83.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO John Weldon Stephens sold 10,214 shares of Core & Main 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 transaction, the chief accounting officer owned 4,120 shares of the company’s stock, valued at $218,442.40. This trade represents a 71.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,703 shares of company stock valued at $6,652,060 in the last 90 days. 3.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core & Main

Large investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its stake in Core & Main by 447.1% in the first quarter. Parallel Advisors LLC now owns 651 shares of the company’s stock worth $31,000 after purchasing an additional 532 shares during the last quarter. Rossby Financial LCC purchased a new position in shares of Core & Main during the 1st quarter worth approximately $37,000. Cubist Systematic Strategies LLC raised its position in shares of Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after acquiring an additional 524 shares in the last quarter. CWM LLC raised its position in shares of Core & Main by 34.0% in the 1st quarter. CWM LLC now owns 839 shares of the company’s stock worth $41,000 after acquiring an additional 213 shares in the last quarter. Finally, Versant Capital Management Inc lifted its stake in shares of Core & Main by 1,491.8% in the 1st quarter. Versant Capital Management Inc now owns 1,162 shares of the company’s stock valued at $56,000 after purchasing an additional 1,089 shares during the period. Hedge funds and other 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.