Core & Main, Inc. (NYSE:CNM) Sees Significant Increase in Short Interest

Core & Main, Inc. (NYSE:CNM - Get Free Report) was the target of a significant growth in short interest in the month of 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. Based on an average daily volume of 2,200,000 shares, the short-interest ratio is currently 4.1 days. Currently, 4.7% of the shares of the company are sold short.

Insider Activity

In related news, Director James G. Castellano sold 12,500 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $52.22, for a total value of $652,750.00. Following the transaction, 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 SEC, which is available through this link. Corporate insiders own 3.49% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new stake in shares of Core & Main in the first quarter valued at about $27,000. Quadrant Capital Group LLC grew its stake in shares of Core & Main by 74.5% in 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 during the period. ORG Partners LLC acquired a new stake in shares of Core & Main during the 1st quarter worth approximately $38,000. GAMMA Investing LLC purchased a new stake in shares of Core & Main during the 4th quarter valued at approximately $41,000. Finally, Principal Securities Inc. acquired a new position in Core & Main in the fourth quarter valued at approximately $43,000. Hedge funds and other institutional investors own 94.19% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Royal Bank of Canada reissued an "outperform" rating and issued a $60.00 price objective on shares of Core & Main in a report on Wednesday, June 5th. Truist Financial reduced their price target on 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 investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $52.90.

Core & Main Price Performance

Shares of NYSE:CNM traded down $0.25 during midday trading on Friday, reaching $48.03. 3,665,231 shares of the company's stock traded hands, compared to its average volume of 2,449,114. The company has a fifty day simple moving average of $50.40 and a two-hundred day simple moving average of $52.67. Core & Main has a 1 year low of $27.75 and a 1 year high of $62.15. The company has a market cap of $9.68 billion, a P/E ratio of 22.44, a PEG ratio of 1.92 and a beta of 1.06. 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 - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $1.72 billion. Core & Main had a net margin of 5.53% and a return on equity of 20.01%. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.50 earnings per share. Equities analysts predict that Core & Main will post 2.32 EPS for the current fiscal year.

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.