Core & Main (NYSE:CNM) Reaches New 52-Week High on Analyst Upgrade

Core & Main, Inc. (NYSE:CNM) shares reached a new 52-week high on Friday after JPMorgan Chase & Co. raised their price target on the stock from $56.00 to $64.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Core & Main traded as high as $66.95 and last traded at $66.89, with a volume of 182195 shares changing hands. The stock had previously closed at $65.85.

Several other equities research analysts also recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Core & Main from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. Citigroup boosted their target price on shares of Core & Main from $56.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 10th. Loop Capital reissued a “hold” rating and set a $68.00 target price on shares of Core & Main in a research report on Monday, July 28th. Finally, Royal Bank Of Canada boosted their target price on shares of Core & Main from $60.00 to $67.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 10th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Core & Main presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.40.

Insider Transactions at Core & Main

In other Core & Main news, CFO Robyn L. Bradbury sold 25,000 shares of the business’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $60.49, for a total value of $1,512,250.00. Following the transaction, the chief financial officer directly owned 8,555 shares in the company, valued at $517,491.95. The trade was a 74.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stephen O. Leclair sold 80,028 shares of the business’s stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $62.27, for a total transaction of $4,983,343.56. Following the completion of the transaction, the insider owned 70,736 shares in the company, valued at approximately $4,404,730.72. The trade was a 53.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 472,056 shares of company stock valued at $29,290,714. Corporate insiders own 3.53% of the company’s stock.

Institutional Trading of Core & Main

Several hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank bought a new stake in Core & Main during the 2nd quarter worth approximately $116,333,000. Jennison Associates LLC bought a new stake in Core & Main during the 1st quarter worth approximately $54,742,000. Artemis Investment Management LLP increased its holdings in Core & Main by 109.6% during the 1st quarter. Artemis Investment Management LLP now owns 1,791,935 shares of the company’s stock worth $86,568,000 after acquiring an additional 936,863 shares during the period. Nuveen LLC bought a new stake in Core & Main during the 1st quarter worth approximately $44,028,000. Finally, Fernbridge Capital Management LP increased its holdings in Core & Main by 180.4% during the 2nd quarter. Fernbridge Capital Management LP now owns 1,071,238 shares of the company’s stock worth $64,649,000 after acquiring an additional 689,228 shares during the period. Institutional investors own 94.19% of the company’s stock.

Core & Main Stock Up 1.6%

The stock’s fifty day moving average is $63.75 and its two-hundred day moving average is $55.97. The firm has a market cap of $13.19 billion, a P/E ratio of 31.11, a price-to-earnings-growth ratio of 1.94 and a beta of 1.04. The company has a current ratio of 1.96, a quick ratio of 1.10 and a debt-to-equity ratio of 1.23.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 EPS for the quarter, hitting analysts’ consensus estimates of $0.52. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.84 billion. Core & Main had a net margin of 5.47% and a return on equity of 23.55%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.49 EPS. Core & Main has set its FY 2025 guidance at EPS. As a group, research analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current year.

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.