Core & Main (NYSE:CNM) Shares Gap Down – Here’s What Happened

Shares of Core & Main, Inc. (NYSE:CNM) gapped down prior to trading on Tuesday . 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 traded.

Wall Street Analysts Forecast Growth

CNM has been the topic of a number of research reports. JPMorgan Chase & Co. lifted their price target on shares of Core & Main from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Tuesday, May 27th. Citigroup reaffirmed a “neutral” rating on shares of Core & Main in a report on Tuesday. Robert W. Baird reduced their price target on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft began coverage on shares of Core & Main in a research note on Tuesday, April 1st. They issued a “buy” rating and a $60.00 price objective for the company. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of Core & Main in a research note on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.91.

Core & Main Stock Performance

The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The firm has a 50 day moving average of $52.04 and a 200-day moving average of $51.80. The company has a market cap of $11.34 billion, a P/E ratio of 26.90, a PEG ratio of 2.61 and a beta of 1.02.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.52 earnings per share for the quarter, meeting 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 during the quarter, compared to the consensus estimate of $1.84 billion. During the same period in the previous year, the company posted $0.49 earnings per share. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Insider Activity

In related news, CAO John Weldon Stephens sold 41,963 shares of Core & Main stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total value of $2,118,292.24. Following the completion of the transaction, the chief accounting officer now owns 4,120 shares in the company, valued at $207,977.60. The trade was a 91.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Laura K. Schneider sold 45,695 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $56.25, for a total transaction of $2,570,343.75. Following the completion of the sale, the insider now owns 12,873 shares of the company’s stock, valued at approximately $724,106.25. The trade was a 78.02% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,666 shares of company stock worth $5,768,852. 3.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CNM. Charles Schwab Investment Management Inc. increased its holdings in Core & Main by 7.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,666,765 shares of the company’s stock worth $84,855,000 after purchasing an additional 122,240 shares during the period. Impax Asset Management Group plc raised its position in shares of Core & Main by 70.4% in the fourth quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company’s stock valued at $174,661,000 after buying an additional 1,416,907 shares during the last quarter. Federated Hermes Inc. boosted its stake in Core & Main by 4,757.9% in the 4th quarter. Federated Hermes Inc. now owns 1,138,346 shares of the company’s stock worth $57,953,000 after buying an additional 1,114,913 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Core & Main by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock worth $927,580,000 after buying an additional 221,970 shares during the period. Finally, Asset Management One Co. Ltd. lifted its position in shares of Core & Main by 13.1% during the fourth quarter. Asset Management One Co. Ltd. now owns 65,284 shares of the company’s stock worth $3,331,000 after purchasing an additional 7,565 shares in the last quarter. 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.