Insider Selling: Core & Main, Inc. (NYSE:CNM) CAO Sells $2,118,292.24 in Stock

Core & Main, Inc. (NYSE:CNM) CAO John Weldon Stephens sold 41,963 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total value of $2,118,292.24. Following the completion of the transaction, the chief accounting officer now owns 4,120 shares in the company, valued at $207,977.60. The trade was a 91.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Core & Main Stock Down 1.7 %

CNM opened at $45.35 on Tuesday. The company has a 50 day moving average of $50.84 and a 200 day moving average of $49.19. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 12 month low of $37.22 and a 12 month high of $62.15. The company has a market cap of $8.97 billion, a PE ratio of 21.29, a price-to-earnings-growth ratio of 2.61 and a beta of 1.05.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.03). The company had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. Core & Main’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.34 earnings per share. On average, sell-side analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

Institutional Investors Weigh In On Core & Main

Several hedge funds and other institutional investors have recently modified their holdings of CNM. Avior Wealth Management LLC boosted its position in shares of Core & Main by 51.3% in the fourth quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock valued at $41,000 after acquiring an additional 271 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Core & Main in the 3rd quarter worth approximately $49,000. UMB Bank n.a. boosted its holdings in Core & Main by 246.0% in the 4th quarter. UMB Bank n.a. now owns 962 shares of the company’s stock valued at $49,000 after purchasing an additional 684 shares during the period. Versant Capital Management Inc grew its position in shares of Core & Main by 1,491.8% during the 1st quarter. Versant Capital Management Inc now owns 1,162 shares of the company’s stock valued at $56,000 after purchasing an additional 1,089 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in shares of Core & Main by 30.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company’s stock worth $61,000 after purchasing an additional 278 shares during the period. 94.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on CNM shares. Royal Bank of Canada cut their price objective on Core & Main from $62.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Robert W. Baird cut their price target on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. Citigroup raised their price objective on shares of Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Wells Fargo & Company boosted their target price on shares of Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Core & Main in a research note on Tuesday, April 1st. They set a “buy” rating and a $60.00 price target for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.55.

About Core & Main

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.