Core & Main (NYSE:CNM) Sees Unusually-High Trading Volume - What's Next?

Key Points

• Core & Main traded about 1.90 million shares on Tuesday (roughly down 10% from the prior session) with the stock around $48.16 intraday.
• Analysts have mostly raised targets recently, leaving a MarketBeat consensus of Moderate Buy and a consensus target price of $62.00.
• The board authorized a $500 million share repurchase (up to 5% of shares) and institutional investors own about 94.2% of the company, signaling management confidence and heavy institutional exposure.

Core & Main, Inc. (NYSE:CNM - Get Free Report) saw strong trading volume on Tuesday . 1,896,669 shares were traded during trading, a decline of 10% from the previous session's volume of 2,096,056 shares.The stock last traded at $48.1560 and had previously closed at $47.90.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Core & Main from $63.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, December 11th. Citigroup lifted their target price on shares of Core & Main from $56.00 to $60.00 and gave the company a "neutral" rating in a report on Thursday, January 8th. Robert W. Baird upped their price target on Core & Main from $62.00 to $64.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 10th. Zacks Research cut Core & Main from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 9th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $63.00 target price on shares of Core & Main in a report on Friday, January 9th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.00.

Core & Main Trading Up 0.6%

The stock has a fifty day simple moving average of $55.13 and a 200 day simple moving average of $53.30. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26. The firm has a market cap of $9.42 billion, a P/E ratio of 21.22, a price-to-earnings-growth ratio of 1.77 and a beta of 0.98.

Core & Main announced that its Board of Directors has initiated a share repurchase plan on Tuesday, December 9th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wolverine Asset Management LLC purchased a new position in shares of Core & Main in the 3rd quarter worth $1,130,000. Thrivent Financial for Lutherans increased its position in Core & Main by 42.4% during the second quarter. Thrivent Financial for Lutherans now owns 208,499 shares of the company's stock valued at $12,583,000 after acquiring an additional 62,096 shares during the last quarter. Jennison Associates LLC lifted its holdings in Core & Main by 41.7% in the third quarter. Jennison Associates LLC now owns 2,087,166 shares of the company's stock valued at $112,352,000 after acquiring an additional 614,595 shares during the period. Pembroke Management LTD boosted its position in Core & Main by 26.6% in the third quarter. Pembroke Management LTD now owns 909,216 shares of the company's stock worth $48,943,000 after purchasing an additional 190,879 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in Core & Main by 286.4% in the third quarter. SG Americas Securities LLC now owns 122,806 shares of the company's stock worth $6,611,000 after purchasing an additional 91,026 shares during the last quarter. Institutional investors own 94.19% of the company's stock.

About Core & Main

Core & Main, Inc NYSE: CNM is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company's product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.

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