Core & Main, Inc. (NYSE:CNM) Short Interest Update

Core & Main, Inc. (NYSE:CNM) saw a significant growth in short interest in August. As of August 15th, there was short interest totalling 8,950,000 shares, a growth of 18.2% from the July 31st total of 7,570,000 shares. Approximately 4.7% of the shares of the company are sold short. Based on an average daily trading volume, of 2,200,000 shares, the days-to-cover ratio is currently 4.1 days.

Core & Main Price Performance

Core & Main stock traded down $0.25 during midday trading on Friday, reaching $48.03. The company’s stock had a trading volume of 3,665,231 shares, compared to its average volume of 2,449,114. The stock has a market cap of $9.68 billion, a PE ratio of 22.44, a price-to-earnings-growth ratio of 1.92 and a beta of 1.06. The company has a current ratio of 2.14, a quick ratio of 1.23 and a debt-to-equity ratio of 1.46. Core & Main has a 52 week low of $27.75 and a 52 week high of $62.15. The business has a 50-day moving average price of $50.40 and a 200-day moving average price of $52.67.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, June 4th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.02). The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.72 billion. Core & Main had a net margin of 5.53% and a return on equity of 20.01%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $0.50 earnings per share. On average, sell-side analysts predict that Core & Main will post 2.32 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $60.00 price objective on shares of Core & Main in a report on Wednesday, June 5th. Truist Financial cut their price objective 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. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.90.

Insider Transactions at Core & Main

In other Core & Main news, Director James G. Castellano sold 12,500 shares of Core & Main stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $52.22, for a total value of $652,750.00. Following the completion of the sale, the director now owns 11,769 shares in the company, valued at approximately $614,577.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.49% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CNM. Rise Advisors LLC bought a new stake in Core & Main during the 1st quarter worth $27,000. Quadrant Capital Group LLC grew its holdings in shares of Core & Main by 74.5% during the fourth quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock worth $35,000 after purchasing an additional 365 shares during the last quarter. ORG Partners LLC acquired a new position in shares of Core & Main in the first quarter valued at approximately $38,000. GAMMA Investing LLC acquired a new position in shares of Core & Main in the fourth quarter valued at approximately $41,000. Finally, Principal Securities Inc. bought a new position in Core & Main in the 4th quarter valued at approximately $43,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

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.