Core & Main, Inc. (NYSE:CNM) Short Interest Up 8.0% in August

Core & Main, Inc. (NYSE:CNM) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 9,630,000 shares, an increase of 8.0% from the August 15th total of 8,920,000 shares. Based on an average daily volume of 1,160,000 shares, the short-interest ratio is presently 8.3 days. Approximately 10.5% of the company’s stock are short sold.

Core & Main Stock Performance

NYSE CNM opened at $28.50 on Tuesday. The stock has a market cap of $6.45 billion, a P/E ratio of 13.44 and a beta of 0.91. The company’s 50-day simple moving average is $31.34 and its 200 day simple moving average is $27.85. Core & Main has a twelve month low of $18.75 and a twelve month high of $33.32. The company has a quick ratio of 1.53, a current ratio of 2.59 and a debt-to-equity ratio of 0.70.

Core & Main (NYSE:CNM) last posted its earnings results on Wednesday, September 6th. The company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.01). The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.86 billion. Core & Main had a net margin of 5.45% and a return on equity of 15.75%. The business’s revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.89 EPS. As a group, research analysts forecast that Core & Main will post 1.87 earnings per share for the current fiscal year.

Insider Activity at Core & Main

In related news, insider Laura K. Schneider sold 49,904 shares of Core & Main stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $30.03, for a total value of $1,498,617.12. Following the completion of the sale, the insider now owns 9,672 shares of the company’s stock, valued at approximately $290,450.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, President John R. Schaller sold 25,000 shares of Core & Main stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $31.96, for a total value of $799,000.00. Following the transaction, the president now owns 15,903 shares in the company, valued at approximately $508,259.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Laura K. Schneider sold 49,904 shares of Core & Main stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $30.03, for a total transaction of $1,498,617.12. Following the completion of the transaction, the insider now owns 9,672 shares in the company, valued at approximately $290,450.16. The disclosure for this sale can be found here. 3.49% of the stock is owned by company insiders.

Institutional Trading of Core & Main

Several large investors have recently added to or reduced their stakes in CNM. Penserra Capital Management LLC bought a new stake in Core & Main during the second quarter worth about $31,000. Money Concepts Capital Corp bought a new stake in Core & Main during the fourth quarter worth about $39,000. PNC Financial Services Group Inc. bought a new stake in Core & Main during the second quarter worth about $43,000. Global Retirement Partners LLC bought a new stake in Core & Main during the first quarter worth about $49,000. Finally, Assetmark Inc. grew its stake in Core & Main by 25.2% during the fourth quarter. Assetmark Inc. now owns 2,701 shares of the company’s stock worth $52,000 after buying an additional 543 shares during the last quarter. 94.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. TheStreet upgraded shares of Core & Main from a “c” rating to a “b-” rating in a report on Monday, July 24th. The Goldman Sachs Group boosted their price objective on shares of Core & Main from $33.00 to $34.00 in a report on Thursday, September 7th. Truist Financial boosted their price objective on shares of Core & Main from $24.00 to $29.00 in a report on Thursday, June 8th. Northcoast Research began coverage on shares of Core & Main in a report on Tuesday, June 13th. They set a “buy” rating and a $40.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Core & Main from $42.00 to $44.00 in a report on Monday, June 12th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.20.

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 accessories, installation, software, and other services.