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

Core & Main, Inc. (NYSE:CNM) has been given an average rating of “Moderate Buy” by the twelve analysts that are covering the stock, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $62.00.

CNM has been the topic of a number of research reports. Barclays dropped their target price on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Monday, December 1st. Zacks Research raised shares of Core & Main from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 31st. Robert W. Baird raised their target price on Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Wells Fargo & Company boosted their target price on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $63.00 price target on shares of Core & Main in a report on Friday, January 9th.

Core & Main Stock Performance

CNM stock opened at $55.09 on Wednesday. The firm has a market cap of $10.77 billion, a PE ratio of 24.27, a price-to-earnings-growth ratio of 2.27 and a beta of 0.98. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. The stock has a 50-day moving average price of $53.20 and a 200-day moving average price of $55.63. Core & Main has a 1-year low of $43.17 and a 1-year high of $67.18.

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

Core & Main declared that its Board of Directors has authorized a share repurchase program on Tuesday, December 9th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Core & Main

Several hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC raised its holdings in Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after buying an additional 524 shares during the last quarter. AQR Capital Management LLC bought a new stake in shares of Core & Main during the first quarter worth about $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Core & Main by 36.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,576 shares of the company’s stock worth $1,719,000 after acquiring an additional 9,534 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Core & Main by 23.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company’s stock valued at $14,106,000 after acquiring an additional 54,854 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in Core & Main during the 2nd quarter valued at about $231,000. 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.