Jeffrey D. Giles Sells 25,000 Shares of Core & Main, Inc. (NYSE:CNM) Stock

Core & Main, Inc. (NYSE:CNM) EVP Jeffrey D. Giles sold 25,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $54.71, for a total value of $1,367,750.00. Following the transaction, the executive vice president now directly owns 11,615 shares in the company, valued at approximately $635,456.65. The trade was a 68.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Core & Main Stock Performance

CNM traded down $0.63 during midday trading on Thursday, reaching $54.62. The company had a trading volume of 2,895,847 shares, compared to its average volume of 2,604,923. The business has a 50-day moving average of $45.25 and a two-hundred day moving average of $48.11. The company has a quick ratio of 1.34, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 1 year low of $35.70 and a 1 year high of $62.15. The company has a market cap of $10.99 billion, a P/E ratio of 25.64, a P/E/G ratio of 3.63 and a beta of 1.04.

Core & Main (NYSE:CNM) last released its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.04. The company had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.65 EPS. As a group, equities research analysts predict that Core & Main, Inc. will post 2.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CNM. PointState Capital LP purchased a new stake in Core & Main in the 3rd quarter worth $100,013,000. FMR LLC boosted its stake in shares of Core & Main by 28.0% in the third quarter. FMR LLC now owns 8,697,084 shares of the company’s stock worth $386,151,000 after acquiring an additional 1,903,280 shares during the period. Impax Asset Management Group plc grew its position in shares of Core & Main by 373.0% during the third quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock worth $89,416,000 after purchasing an additional 1,588,117 shares in the last quarter. Spruce House Investment Management LLC raised its stake in Core & Main by 400.0% during the 3rd quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company’s stock valued at $66,600,000 after purchasing an additional 1,200,000 shares during the period. Finally, Pacer Advisors Inc. lifted its holdings in Core & Main by 37.1% in the 2nd quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock worth $205,974,000 after purchasing an additional 1,137,817 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Loop Capital boosted their target price on Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday. Royal Bank of Canada restated an “outperform” rating and set a $62.00 price objective (up previously from $53.00) on shares of Core & Main in a research report on Wednesday. Robert W. Baird lifted their target price on shares of Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Wednesday. JPMorgan Chase & Co. decreased their target price on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, September 3rd. Finally, Truist Financial raised their price target on Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.10.

About Core & Main

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.