Core & Main (NYSE:CNM) Price Target Raised to $59.00 at JPMorgan Chase & Co.

Core & Main (NYSE:CNM) had its price objective increased by JPMorgan Chase & Co. from $58.00 to $59.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages have also recently issued reports on CNM. Zacks Research upgraded shares of Core & Main from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Truist Financial cut their price objective on Core & Main from $56.00 to $50.00 and set a “hold” rating on the stock in a research report on Thursday, September 11th. Barclays decreased their target price on Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Monday, December 1st. The Goldman Sachs Group lowered their target price on Core & Main from $68.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, September 12th. Finally, UBS Group initiated coverage on Core & Main in a research report on Monday, September 29th. They set a “buy” rating and a $65.00 price target on the stock. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.36.

Core & Main Price Performance

CNM stock opened at $55.14 on Wednesday. The firm has a market cap of $10.89 billion, a P/E ratio of 24.29, a P/E/G ratio of 2.02 and a beta of 0.98. The firm’s fifty day moving average is $50.38 and its 200 day moving average is $56.38. Core & Main has a 52 week low of $43.17 and a 52 week high of $67.18. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.30 and a current ratio of 2.26.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, December 9th. The company reported $0.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.72. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter last year, the business earned $0.69 earnings per share. The business’s revenue was up 1.2% on a year-over-year basis. Research analysts predict that Core & Main will post 2.16 earnings per share for the current year.

Core & Main announced that its board has approved a stock repurchase program on Tuesday, December 9th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Core & Main

A number of institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC raised its holdings in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after purchasing an additional 269 shares during the last quarter. Bfsg LLC boosted its holdings in Core & Main by 56.4% in the second quarter. Bfsg LLC now owns 560 shares of the company’s stock worth $34,000 after purchasing an additional 202 shares during the last quarter. Cubist Systematic Strategies LLC grew its position in Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after purchasing an additional 524 shares during the period. Hantz Financial Services Inc. raised its stake in Core & Main by 815.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 641 shares of the company’s stock valued at $39,000 after buying an additional 571 shares during the last quarter. Finally, Rothschild Investment LLC lifted its holdings in shares of Core & Main by 5,013.3% during the 3rd quarter. Rothschild Investment LLC now owns 767 shares of the company’s stock valued at $41,000 after buying an additional 752 shares during the period. Hedge funds and other institutional investors own 94.19% of the company’s stock.

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.