Core & Main, Inc. (NYSE:CNM) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Core & Main, Inc. (NYSE:CNM) has been given a consensus rating of “Moderate Buy” by the twelve ratings firms that are covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $62.00.

Several analysts have issued reports on CNM shares. Zacks Research lowered Core & Main from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 9th. Citigroup lifted their target price on Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, January 8th. Wells Fargo & Company boosted their target price on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. Robert W. Baird increased their price target on Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Finally, Barclays cut their price target on Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 1st.

Core & Main Trading Down 1.3%

Shares of NYSE:CNM opened at $47.68 on Thursday. 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 1.35 and a current ratio of 2.26. The company has a market capitalization of $9.32 billion, a P/E ratio of 21.00, a price-to-earnings-growth ratio of 1.90 and a beta of 0.98. The company has a 50-day simple moving average of $54.87 and a 200 day simple moving average of $53.15.

Core & Main declared that its Board of Directors has authorized a stock buyback plan on Tuesday, December 9th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CNM. Morgan Stanley lifted its position in Core & Main by 8.3% during the fourth quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock worth $758,079,000 after acquiring an additional 1,118,145 shares during the last quarter. Capital World Investors boosted its holdings in shares of Core & Main by 5.8% during the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock worth $327,034,000 after acquiring an additional 344,606 shares during the period. State Street Corp grew its position in shares of Core & Main by 1.0% in the fourth quarter. State Street Corp now owns 5,733,516 shares of the company’s stock valued at $297,971,000 after purchasing an additional 54,562 shares during the last quarter. Royal London Asset Management Ltd. grew its position in shares of Core & Main by 12.5% in the fourth quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company’s stock valued at $295,636,000 after purchasing an additional 632,077 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Core & Main by 38.6% during the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock worth $276,380,000 after purchasing an additional 1,482,235 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.