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

Core & Main, Inc. (NYSE:CNM) was the target of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 7,060,000 shares, an increase of 13.3% from the May 31st total of 6,230,000 shares. Currently, 3.7% of the company’s stock 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 Stock Performance

Shares of Core & Main stock traded up $0.50 on Wednesday, hitting $48.89. 1,180,748 shares of the company’s stock were exchanged, compared to its average volume of 2,609,933. The company has a 50-day simple moving average of $54.89 and a 200-day simple moving average of $49.88. The stock has a market capitalization of $9.85 billion, a PE ratio of 22.90, a PEG ratio of 1.85 and a beta of 1.06. Core & Main has a 1 year low of $27.75 and a 1 year high of $62.15. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 2.14.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Barclays lifted their target price on shares of Core & Main from $49.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 20th. Truist Financial cut their target price on shares of Core & Main from $56.00 to $50.00 and set a “hold” rating for the company in a research report on Wednesday, June 5th. JPMorgan Chase & Co. lifted their target price on shares of Core & Main from $38.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 19th. Citigroup downgraded shares of Core & Main from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $63.00 to $64.00 in a research report on Friday, April 5th. Finally, The Goldman Sachs Group lifted their target price on shares of Core & Main from $42.00 to $61.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 26th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $52.90.

Insiders Place Their Bets

In other news, CAO John Weldon Stephens sold 5,503 shares of the stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $54.23, for a total transaction of $298,427.69. Following the sale, the chief accounting officer now owns 4,281 shares in the company, valued at $232,158.63. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, General Counsel Mark G. Whittenburg sold 50,000 shares of the stock in a transaction that occurred 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 sale, the general counsel now owns 12,933 shares in the company, valued at $699,416.64. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO John Weldon Stephens sold 5,503 shares of the stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $54.23, for a total transaction of $298,427.69. Following the sale, the chief accounting officer now owns 4,281 shares in the company, valued at approximately $232,158.63. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 165,000 shares of company stock worth $9,427,067. 3.49% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CNM. Rise Advisors LLC purchased a new position in shares of Core & Main during the 1st quarter valued at $27,000. Quadrant Capital Group LLC lifted its stake in shares of Core & Main by 74.5% during the 4th quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock valued at $35,000 after buying an additional 365 shares in the last quarter. ORG Partners LLC purchased a new position in shares of Core & Main during the 1st quarter valued at $38,000. Kepos Capital LP purchased a new position in shares of Core & Main during the 3rd quarter valued at $41,000. Finally, GAMMA Investing LLC purchased a new position in shares of Core & Main during the 4th quarter valued at $41,000. 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.