Core & Main, Inc. (NYSE:CNM) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Core & Main, Inc. (NYSE:CNMGet Free Report) have been assigned an average recommendation of “Moderate Buy” from the nine analysts that are currently covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $51.08.

Several brokerages recently weighed in on CNM. Truist Financial cut their price objective on shares of Core & Main from $56.00 to $50.00 and set a “hold” rating on the stock in a report on Wednesday. Royal Bank of Canada restated an “outperform” rating and issued a $60.00 price objective on shares of Core & Main in a report on Wednesday. Citigroup lowered shares of Core & Main from a “buy” rating to a “neutral” rating and increased their price objective for the company from $63.00 to $64.00 in a report on Friday, April 5th. JPMorgan Chase & Co. increased their price objective on shares of Core & Main from $38.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. Finally, The Goldman Sachs Group increased their price objective on shares of Core & Main from $42.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, March 26th.

View Our Latest Stock Analysis on Core & Main

Insiders Place Their Bets

In related news, CFO Mark R. Witkowski sold 50,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $59.50, for a total transaction of $2,975,000.00. Following the sale, the chief financial officer now directly owns 23,898 shares in the company, valued at $1,421,931. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO John Weldon Stephens sold 5,503 shares of the firm’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $54.23, for a total transaction of $298,427.69. Following the sale, the chief accounting officer now directly owns 4,281 shares in the company, valued at $232,158.63. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark R. Witkowski sold 50,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $59.50, for a total transaction of $2,975,000.00. Following the completion of the transaction, the chief financial officer now directly owns 23,898 shares of the company’s stock, valued at approximately $1,421,931. The disclosure for this sale can be found here. Over the last three months, insiders have sold 230,000 shares of company stock worth $13,191,217. Company insiders own 3.49% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new position in Core & Main in the fourth quarter valued at $69,282,000. Renaissance Capital LLC grew its position in Core & Main by 59.0% in the fourth quarter. Renaissance Capital LLC now owns 85,574 shares of the company’s stock valued at $3,458,000 after purchasing an additional 31,740 shares in the last quarter. State of Michigan Retirement System bought a new position in Core & Main in the fourth quarter valued at $1,325,000. Charles Schwab Investment Management Inc. grew its position in Core & Main by 27.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,348,537 shares of the company’s stock valued at $54,494,000 after purchasing an additional 286,513 shares in the last quarter. Finally, Chesapeake Capital Corp IL bought a new position in shares of Core & Main in the 4th quarter valued at about $962,000. Institutional investors own 94.19% of the company’s stock.

Core & Main Price Performance

CNM opened at $47.38 on Friday. Core & Main has a one year low of $27.06 and a one year high of $62.15. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.14 and a quick ratio of 1.30. The company’s 50 day simple moving average is $57.41 and its 200-day simple moving average is $48.01. The stock has a market capitalization of $9.54 billion, a P/E ratio of 22.14, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12.

Core & Main (NYSE:CNMGet Free Report) last released its quarterly earnings results on Tuesday, June 4th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.02). Core & Main had a net margin of 5.53% and a return on equity of 20.01%. The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same period last year, the company earned $0.50 earnings per share. Core & Main’s revenue for the quarter was up 10.6% compared to the same quarter last year. Sell-side analysts anticipate that Core & Main will post 2.57 earnings per share for the current fiscal year.

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 sets, meter accessories, installation, software, and other services.

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Analyst Recommendations for Core & Main (NYSE:CNM)

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