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

Core & Main, Inc. (NYSE:CNM)’s stock price gapped down before the market opened 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.

Specifically, EVP John R. Schaller sold 21,868 shares of Core & Main stock in a transaction on Monday, March 10th. The stock was 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 directly owns 16,452 shares of the company’s stock, valued at $770,282.64. The trade was a 57.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

CNM has been the subject of several recent analyst reports. Robert W. Baird upped their price objective on shares of Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Citigroup boosted their target price on shares of Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, January 6th. Wells Fargo & Company increased their price target on shares of Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Loop Capital boosted their price objective on shares of Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Barclays raised their target price on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.60.

Core & Main Price Performance

The business’s 50-day simple moving average is $52.80 and its two-hundred day simple moving average is $48.56. The stock has a market cap of $9.43 billion, a price-to-earnings ratio of 22.29, a price-to-earnings-growth ratio of 2.61 and a beta of 1.05. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28.

Hedge Funds Weigh In On Core & Main

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Eagle Asset Management Inc. boosted its stake in shares of Core & Main by 2.6% during the third quarter. Eagle Asset Management Inc. now owns 1,720,496 shares of the company’s stock valued at $74,979,000 after purchasing an additional 44,282 shares in the last quarter. Quest Partners LLC raised its holdings in Core & Main by 1,195,600.0% in the 3rd quarter. Quest Partners LLC now owns 11,957 shares of the company’s stock valued at $531,000 after buying an additional 11,956 shares during the last quarter. Impax Asset Management Group plc boosted its position in Core & Main by 70.4% during the 4th quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company’s stock worth $174,661,000 after buying an additional 1,416,907 shares during the period. B. Riley Wealth Advisors Inc. bought a new stake in Core & Main during the 3rd quarter worth approximately $774,000. Finally, South Street Advisors LLC increased its position in Core & Main by 36.0% in the 3rd quarter. South Street Advisors LLC now owns 234,144 shares of the company’s stock valued at $10,396,000 after acquiring an additional 61,962 shares during the period. 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.