Insider Selling: Core & Main, Inc. (NYSE:CNM) General Counsel Sells 50,000 Shares of Stock

Core & Main, Inc. (NYSE:CNM) General Counsel Mark G. Whittenburg sold 50,000 shares of the company’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $54.08, for a total transaction of $2,704,000.00. Following the completion of the sale, the general counsel now owns 12,933 shares of the company’s stock, valued at approximately $699,416.64. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Core & Main Price Performance

CNM stock traded up $1.36 during trading on Tuesday, reaching $55.97. 1,089,500 shares of the company were exchanged, compared to its average volume of 2,877,377. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.30 and a current ratio of 2.29. The stock’s 50 day moving average price is $52.15 and its 200 day moving average price is $42.06. Core & Main, Inc. has a 52-week low of $25.16 and a 52-week high of $60.83. The company has a market cap of $11.27 billion, a P/E ratio of 25.40, a PEG ratio of 1.68 and a beta of 1.15.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, March 19th. The company reported $0.34 EPS for the quarter, hitting the consensus estimate of $0.34. Core & Main had a return on equity of 18.22% and a net margin of 5.54%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the previous year, the company earned $0.31 EPS. The company’s quarterly revenue was up 4.8% on a year-over-year basis. As a group, analysts predict that Core & Main, Inc. will post 2.59 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on CNM shares. Royal Bank of Canada upped their price objective on Core & Main from $59.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. JPMorgan Chase & Co. increased their price target on Core & Main from $38.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Barclays boosted their price objective on shares of Core & Main from $49.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. Truist Financial restated a “hold” rating and issued a $38.00 target price on shares of Core & Main in a research note on Wednesday, March 20th. Finally, Loop Capital boosted their price target on shares of Core & Main from $58.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CNM. Renaissance Capital LLC grew its stake in Core & Main by 59.0% in the 4th quarter. Renaissance Capital LLC now owns 85,574 shares of the company’s stock valued at $3,458,000 after acquiring an additional 31,740 shares during the last quarter. State of Michigan Retirement System acquired a new stake in shares of Core & Main in the fourth quarter valued at approximately $1,325,000. Exchange Traded Concepts LLC increased its stake in shares of Core & Main by 328.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 78,854 shares of the company’s stock worth $3,186,000 after purchasing an additional 60,435 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its position in shares of Core & Main by 4.4% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,734,897 shares of the company’s stock worth $70,107,000 after purchasing an additional 73,790 shares during the last quarter. Finally, New York State Teachers Retirement System acquired a new stake in Core & Main during the 4th quarter valued at $1,805,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Company Profile

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.