Core & Main, Inc. (NYSE:CNM) Short Interest Up 13.3% in June

Core & Main, Inc. (NYSE:CNM) was the target of a large growth in short interest in June. As of June 15th, there was short interest totalling 7,060,000 shares, a growth of 13.3% from the May 31st total of 6,230,000 shares. Approximately 3.7% of the shares of the company are short sold. Based on an average daily volume of 2,160,000 shares, the days-to-cover ratio is presently 3.3 days.

Core & Main Price Performance

CNM traded up $0.50 during midday trading on Wednesday, hitting $48.89. 1,180,748 shares of the company traded hands, compared to its average volume of 2,609,933. The company has a current ratio of 2.14, a quick ratio of 1.23 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $9.85 billion, a price-to-earnings ratio of 22.90, a PEG ratio of 1.85 and a beta of 1.06. Core & Main has a 52-week low of $27.75 and a 52-week high of $62.15. The business has a 50 day simple moving average of $54.89 and a two-hundred day simple moving average of $49.88.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, June 4th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.02). The company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Core & Main had a net margin of 5.53% and a return on equity of 20.01%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.50 earnings per share. On average, equities analysts forecast that Core & Main will post 2.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Core & Main

In other Core & Main news, CFO Mark R. Witkowski sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $58.51, for a total transaction of $2,925,500.00. Following the transaction, the chief financial officer now owns 23,898 shares in the company, valued at approximately $1,398,271.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO John Weldon Stephens sold 9,497 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $55.19, for a total value of $524,139.43. Following the sale, the chief accounting officer now owns 4,281 shares in the company, valued at $236,268.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark R. Witkowski sold 50,000 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $58.51, for a total transaction of $2,925,500.00. Following the completion of the sale, the chief financial officer now owns 23,898 shares in the company, valued at approximately $1,398,271.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 165,000 shares of company stock worth $9,427,067. 3.49% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Core & Main

Hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in shares of Core & Main in the fourth quarter worth about $69,282,000. Renaissance Capital LLC lifted its stake in shares of Core & Main by 59.0% in the fourth quarter. Renaissance Capital LLC now owns 85,574 shares of the company’s stock worth $3,458,000 after buying an additional 31,740 shares in the last quarter. Forest Avenue Capital Management LP purchased a new position in shares of Core & Main in the fourth quarter worth about $13,085,000. State of Michigan Retirement System purchased a new position in shares of Core & Main in the fourth quarter worth about $1,325,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Core & Main by 27.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,348,537 shares of the company’s stock worth $54,494,000 after buying an additional 286,513 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Citigroup lowered shares of Core & Main from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $63.00 to $64.00 in a research note on Friday, April 5th. Truist Financial dropped their price target on shares of Core & Main from $56.00 to $50.00 and set a “hold” rating on the stock in a research report on Wednesday, June 5th. The Goldman Sachs Group raised their price target on shares of Core & Main from $42.00 to $61.00 and gave the company a “neutral” rating in a research report on Tuesday, March 26th. JPMorgan Chase & Co. raised their price target on shares of Core & Main from $38.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Finally, Barclays raised their price target on shares of Core & Main from $49.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, March 20th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.90.

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.