Core & Main, Inc. (NYSE:CNM – Get Free Report) saw a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 13,530,000 shares, a growth of 35.0% from the October 31st total of 10,020,000 shares. Approximately 10.7% of the shares of the stock are sold short. Based on an average daily volume of 2,520,000 shares, the days-to-cover ratio is presently 5.4 days.

Core & Main Trading Up 2.8 %

Shares of CNM traded up $0.97 during midday trading on Friday, hitting $36.00. 2,962,491 shares of the stock were exchanged, compared to its average volume of 3,725,005. Core & Main has a 52-week low of $18.75 and a 52-week high of $36.08. The stock has a fifty day simple moving average of $31.45 and a 200 day simple moving average of $30.52. The firm has a market cap of $8.14 billion, a P/E ratio of 16.98, a P/E/G ratio of 2.84 and a beta of 1.02. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.53 and a current ratio of 2.59.

Core & Main (NYSE:CNM – Get Free Report) last released its quarterly earnings results on Wednesday, September 6th. The company reported $0.66 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.01). Core & Main had a return on equity of 15.75% and a net margin of 5.45%. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter in the prior year, the business earned $0.89 earnings per share. The company’s quarterly revenue was up .0% on a year-over-year basis. On average, research analysts anticipate that Core & Main will post 1.97 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Cd&R Investment Associates X, sold 2,850,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $30.44, for a total value of $86,754,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Core & Main news, VP John Weldon Stephens sold 11,800 shares of the stock in a transaction that occurred on Wednesday, October 11th. The stock was sold at an average price of $31.04, for a total transaction of $366,272.00. Following the completion of the transaction, the vice president now owns 3,468 shares of the company’s stock, valued at $107,646.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Cd&R Investment Associates X, sold 2,850,000 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $30.44, for a total value of $86,754,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,335,866 shares of company stock valued at $1,380,500,627. 3.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CNM. Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Core & Main in the third quarter worth $28,000. Penserra Capital Management LLC purchased a new stake in Core & Main during the 2nd quarter worth about $31,000. Harbor Investment Advisory LLC purchased a new stake in Core & Main during the 3rd quarter worth about $33,000. Money Concepts Capital Corp acquired a new stake in Core & Main in the 4th quarter valued at about $39,000. Finally, Kepos Capital LP acquired a new stake in Core & Main in the 3rd quarter valued at about $41,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Royal Bank of Canada increased their target price on Core & Main from $34.00 to $38.00 and gave the company an “outperform” rating in a report on Tuesday. Loop Capital increased their price target on Core & Main from $33.00 to $38.00 in a report on Friday, August 11th. Robert W. Baird increased their price target on Core & Main from $34.00 to $38.00 in a report on Thursday, September 7th. The Goldman Sachs Group increased their price target on Core & Main from $33.00 to $34.00 in a report on Thursday, September 7th. Finally, Wolfe Research raised Core & Main from a “peer perform” rating to an “outperform” rating and set a $40.00 price target for the company in a report on Thursday, October 12th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $36.91.

Get Our Latest Research Report on CNM

About Core & Main (Get Free Report)

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 accessories, installation, software, and other services.

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Original: MarketBeat News Feed: Core & Main, Inc. (NYSE:CNM) Short Interest Update