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 business’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $54.08, for a total transaction of $2,704,000.00. Following the transaction, 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 legal filing with the SEC, which can be accessed through this link.

Core & Main Stock Up 0.3 %

CNM stock opened at $56.16 on Thursday. The firm’s fifty day simple moving average is $52.65 and its 200-day simple moving average is $42.34. The company has a market capitalization of $11.31 billion, a P/E ratio of 26.12, a price-to-earnings-growth ratio of 1.69 and a beta of 1.15. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.29 and a quick ratio of 1.30. Core & Main, Inc. has a 12 month low of $25.16 and a 12 month high of $60.83.

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

Analysts Set New Price Targets

Several research firms have weighed in on CNM. Truist Financial reissued a “hold” rating and set a $38.00 target price on shares of Core & Main in a research report on Wednesday, March 20th. Loop Capital boosted their target price on shares of Core & Main from $58.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. JPMorgan Chase & Co. boosted 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. Barclays boosted 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. Finally, Citigroup downgraded shares of Core & Main from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $63.00 to $64.00 in a research report on Friday, April 5th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Core & Main presently has an average rating of “Moderate Buy” and an average price target of $50.08.

Institutional Trading of Core & Main

A number of hedge funds have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System boosted its holdings in Core & Main by 40.7% during the first quarter. Louisiana State Employees Retirement System now owns 49,100 shares of the company’s stock worth $2,811,000 after buying an additional 14,200 shares in the last quarter. Amalgamated Bank boosted its holdings in Core & Main by 1.6% during the first quarter. Amalgamated Bank now owns 104,662 shares of the company’s stock worth $5,992,000 after buying an additional 1,659 shares in the last quarter. New Mexico Educational Retirement Board boosted its holdings in Core & Main by 44.0% during the first quarter. New Mexico Educational Retirement Board now owns 35,700 shares of the company’s stock worth $2,044,000 after buying an additional 10,900 shares in the last quarter. Seven Grand Managers LLC boosted its holdings in Core & Main by 198.3% during the first quarter. Seven Grand Managers LLC now owns 250,000 shares of the company’s stock worth $14,312,000 after buying an additional 166,200 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC raised its position in Core & Main by 17.0% during the first quarter. Hunter Perkins Capital Management LLC now owns 16,025 shares of the company’s stock worth $917,000 after acquiring an additional 2,325 shares during the period. 94.19% of the stock is owned by hedge funds and other institutional investors.

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.