Core & Main (NYSE:CNM) Reaches New 12-Month High - Here's Why

Core & Main, Inc. (NYSE:CNM - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $63.33 and last traded at $63.02, with a volume of 412573 shares trading hands. The stock had previously closed at $62.00.

Analyst Ratings Changes

A number of brokerages have issued reports on CNM. Wells Fargo & Company upped their price objective on Core & Main from $65.00 to $70.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft started coverage on Core & Main in a report on Tuesday, April 1st. They set a "buy" rating and a $60.00 price objective on the stock. Citigroup increased their price objective on Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Loop Capital raised their price target on Core & Main from $63.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, June 11th. Finally, Robert W. Baird lowered their price target on Core & Main from $66.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

Core & Main Trading Up 1.5%

The company has a current ratio of 1.96, a quick ratio of 1.10 and a debt-to-equity ratio of 1.23. The company has a 50-day moving average price of $57.69 and a 200 day moving average price of $53.50. The stock has a market capitalization of $12.41 billion, a P/E ratio of 29.28, a price-to-earnings-growth ratio of 1.83 and a beta of 1.04.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share for the quarter, hitting analysts' consensus estimates of $0.52. Core & Main had a return on equity of 23.55% and a net margin of 5.47%. The company had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.84 billion. During the same quarter in the prior year, the firm posted $0.49 EPS. Core & Main's quarterly revenue was up 9.8% compared to the same quarter last year. On average, research analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Stephen O. Leclair sold 80,028 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $62.27, for a total transaction of $4,983,343.56. Following the completion of the transaction, the insider directly owned 70,736 shares of the company's stock, valued at $4,404,730.72. The trade was a 53.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO John Weldon Stephens sold 10,214 shares of Core & Main stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $53.02, for a total value of $541,546.28. Following the sale, the chief accounting officer directly owned 4,120 shares of the company's stock, valued at $218,442.40. This trade represents a 71.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 265,703 shares of company stock worth $15,931,870 over the last three months. Company insiders own 3.53% of the company's stock.

Institutional Investors Weigh In On Core & Main

A number of large investors have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. increased its holdings in Core & Main by 3.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock valued at $343,000 after buying an additional 229 shares during the last quarter. Truist Financial Corp lifted its position in shares of Core & Main by 21.2% during the 1st quarter. Truist Financial Corp now owns 705,339 shares of the company's stock valued at $34,075,000 after acquiring an additional 123,494 shares during the last quarter. Perpetual Ltd lifted its position in shares of Core & Main by 12.4% during the 1st quarter. Perpetual Ltd now owns 223,671 shares of the company's stock valued at $10,806,000 after acquiring an additional 24,610 shares during the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Core & Main by 53.7% in the first quarter. New York State Teachers Retirement System now owns 86,679 shares of the company's stock valued at $4,187,000 after purchasing an additional 30,286 shares in the last quarter. Finally, KBC Group NV increased its holdings in shares of Core & Main by 5.3% in the 1st quarter. KBC Group NV now owns 1,725,810 shares of the company's stock valued at $83,374,000 after purchasing an additional 86,672 shares during the period. Institutional investors and hedge funds own 94.19% of the company's stock.

Core & Main Company Profile

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.

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