Core & Main (NYSE:CNM) Shares Gap Down After Insider Selling

Core & Main, Inc. (NYSE:CNM - Get Free Report)'s stock price gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $59.33, but opened at $57.31. Core & Main shares last traded at $58.02, with a volume of 800,952 shares trading hands.

Specifically, General Counsel Mark G. Whittenburg sold 49,100 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $60.03, for a total transaction of $2,947,473.00. Following the transaction, the general counsel now owns 9,691 shares in the company, valued at $581,750.73. The trade was a 83.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Mark G. Whittenburg sold 900 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $60.03, for a total transaction of $54,027.00. Following the completion of the sale, the general counsel now owns 9,691 shares in the company, valued at $581,750.73. This represents a 8.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, insider Laura K. Schneider sold 45,695 shares of the 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 directly owns 12,873 shares of the company's stock, valued at $724,106.25. This trade represents a 78.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

CNM has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Core & Main in a research report on Tuesday, April 1st. They set a "buy" rating and a $60.00 price target for the company. Robert W. Baird reduced their price objective on shares of Core & Main from $66.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, March 26th. Royal Bank of Canada boosted their price target on shares of Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a research note on Tuesday. Wells Fargo & Company upped their target price on shares of Core & Main from $60.00 to $65.00 and gave the stock an "overweight" rating in a research note on Tuesday. Finally, Citigroup upped their price target on Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a report on Tuesday. 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $59.55.

Core & Main Stock Down 1.2%

The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. The company has a market cap of $11.09 billion, a PE ratio of 26.31, a PEG ratio of 2.61 and a beta of 1.02. The firm has a fifty day simple moving average of $52.95 and a 200 day simple moving average of $52.01.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 EPS for the quarter, hitting the consensus estimate of $0.52. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.84 billion. During the same period in the previous year, the company posted $0.49 EPS. Core & Main's revenue for the quarter was up 9.8% on a year-over-year basis. Equities research analysts predict that Core & Main, Inc. will post 2.16 EPS for the current year.

Institutional Investors Weigh In On Core & Main

Several institutional investors and hedge funds have recently made changes to their positions in CNM. Parallel Advisors LLC grew its stake in Core & Main by 447.1% during the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company's stock worth $31,000 after buying an additional 532 shares during the last quarter. Cubist Systematic Strategies LLC grew its stake in Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after buying an additional 524 shares during the last quarter. Rossby Financial LCC bought a new position in Core & Main during the 1st quarter worth $37,000. CWM LLC grew its stake in shares of Core & Main by 34.0% in the first quarter. CWM LLC now owns 839 shares of the company's stock worth $41,000 after purchasing an additional 213 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of Core & Main by 1,491.8% in the first quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock worth $56,000 after purchasing an additional 1,089 shares in the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

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.