Core & Main (NYSE:CNM) Hits New 1-Year High - Here's Why

Core & Main, Inc. (NYSE:CNM - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $58.52 and last traded at $58.18, with a volume of 1385450 shares. The stock had previously closed at $53.54.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CNM. JPMorgan Chase & Co. boosted their target price on shares of Core & Main from $54.00 to $56.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 27th. Royal Bank of Canada lowered their target price on shares of Core & Main from $62.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, March 26th. Robert W. Baird lowered their target price on shares of Core & Main from $66.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday, March 26th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Core & Main in a report on Tuesday, April 1st. They set a "buy" rating and a $60.00 target price for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $57.91.

Core & Main Stock Performance

The stock has a market cap of $11.80 billion, a price-to-earnings ratio of 28.00, a PEG ratio of 2.61 and a beta of 1.02. The stock's fifty day moving average is $51.88 and its 200-day moving average is $51.60. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings data on Tuesday, March 25th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.03). The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.67 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm's revenue for the quarter was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.34 EPS. On average, analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current year.

Insider Activity

In other news, insider Laura K. Schneider sold 45,695 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $56.25, for a total value of $2,570,343.75. Following the completion of the transaction, the insider now owns 12,873 shares in the company, valued at $724,106.25. This represents a 78.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John R. Schaller sold 9,794 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $55.00, for a total transaction of $538,670.00. Following the completion of the transaction, the executive vice president now owns 19,689 shares of the company's stock, valued at $1,082,895. This trade represents a 33.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 129,534 shares of company stock worth $6,792,712 over the last quarter. 3.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Core & Main by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company's stock valued at $927,580,000 after buying an additional 221,970 shares during the period. FMR LLC boosted its holdings in Core & Main by 4.1% during the fourth quarter. FMR LLC now owns 9,055,993 shares of the company's stock worth $461,041,000 after purchasing an additional 358,909 shares during the last quarter. Invesco Ltd. boosted its holdings in Core & Main by 0.8% during the fourth quarter. Invesco Ltd. now owns 5,926,569 shares of the company's stock worth $301,722,000 after purchasing an additional 44,513 shares during the last quarter. Bessemer Group Inc. boosted its holdings in Core & Main by 0.5% during the fourth quarter. Bessemer Group Inc. now owns 3,835,182 shares of the company's stock worth $195,250,000 after purchasing an additional 20,756 shares during the last quarter. Finally, Royal London Asset Management Ltd. boosted its holdings in Core & Main by 1.3% during the fourth quarter. Royal London Asset Management Ltd. now owns 3,810,739 shares of the company's stock worth $194,005,000 after purchasing an additional 48,833 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company's stock.

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.