Core & Main (NYSE:CNM) Cut to “Hold” at Zacks Research

Zacks Research lowered shares of Core & Main (NYSE:CNM) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks.com reports.

CNM has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft upped their price target on shares of Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Wells Fargo & Company boosted their price target on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Royal Bank Of Canada restated an “outperform” rating and issued a $63.00 price target on shares of Core & Main in a research report on Friday, January 9th. Robert W. Baird increased their target price on Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a report on Wednesday, December 10th. Finally, JPMorgan Chase & Co. boosted their target price on Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a report on Wednesday, December 10th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $62.00.

Core & Main Trading Down 0.0%

Shares of Core & Main stock opened at $57.82 on Monday. The firm has a market cap of $11.30 billion, a PE ratio of 25.47, a P/E/G ratio of 2.13 and a beta of 0.98. The business’s fifty day moving average is $55.11 and its two-hundred day moving average is $55.14. Core & Main has a fifty-two week low of $43.17 and a fifty-two week high of $67.18. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, December 9th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.17. The firm had revenue of $2.06 billion for 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 for the quarter was up 1.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.69 earnings per share. Analysts anticipate that Core & Main will post 2.16 earnings per share for the current year.

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

Institutional Trading of Core & Main

A number of institutional investors have recently bought and sold shares of the business. Empowered Funds LLC bought a new stake in Core & Main in the fourth quarter worth approximately $454,000. Illinois Municipal Retirement Fund boosted its holdings in Core & Main by 35.5% during the fourth quarter. Illinois Municipal Retirement Fund now owns 87,656 shares of the company’s stock worth $4,555,000 after purchasing an additional 22,981 shares during the last quarter. Deutsche Bank AG grew its holdings in shares of Core & Main by 1.1% in the fourth quarter. Deutsche Bank AG now owns 17,859 shares of the company’s stock valued at $928,000 after acquiring an additional 190 shares in the last quarter. LPL Financial LLC raised its stake in shares of Core & Main by 2.2% during the 4th quarter. LPL Financial LLC now owns 20,476 shares of the company’s stock worth $1,064,000 after purchasing an additional 449 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Core & Main by 183.1% in the fourth quarter. Franklin Resources Inc. now owns 17,490 shares of the company’s stock valued at $909,000 after acquiring an additional 11,312 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Company Profile

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.