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

Core & Main, Inc. (NYSE:CNM)’s share price gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $46.69, but opened at $45.00. Core & Main shares last traded at $46.43, with a volume of 222,102 shares changing hands.

Specifically, EVP John R. Schaller sold 21,868 shares of Core & Main stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $46.82, for a total value of $1,023,859.76. Following the completion of the transaction, the executive vice president now owns 16,452 shares in the company, valued at approximately $770,282.64. The trade was a 57.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

CNM has been the subject of several research reports. Citigroup boosted their target price on Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, January 6th. Truist Financial upped their target price on shares of Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Wells Fargo & Company increased their target price on Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. The Goldman Sachs Group raised their target price on Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday, December 5th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $62.00 price target (up from $53.00) on shares of Core & Main in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $57.60.

Core & Main Stock Up 2.0 %

The stock’s fifty day moving average price is $52.80 and its 200-day moving average price is $48.56. 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 company has a market capitalization of $9.43 billion, a price-to-earnings ratio of 22.29, a P/E/G ratio of 2.61 and a beta of 1.05.

Institutional Trading of Core & Main

A number of hedge funds have recently made changes to their positions in the business. Raymond James Financial Inc. bought a new stake in shares of Core & Main during the 4th quarter worth about $115,555,000. PointState Capital LP acquired a new stake in Core & Main during the 3rd quarter worth approximately $100,013,000. Norges Bank bought a new stake in Core & Main in the 4th quarter valued at $99,734,000. FMR LLC grew its holdings in Core & Main by 28.0% in the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock valued at $386,151,000 after buying an additional 1,903,280 shares in the last quarter. Finally, Impax Asset Management Group plc increased its position in Core & Main by 373.0% during the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock worth $89,416,000 after buying an additional 1,588,117 shares during the period. 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.