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

Shares of Core & Main, Inc. (NYSE:CNM) have been given a consensus recommendation of “Moderate Buy” by the twelve ratings firms that are presently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $62.00.

CNM has been the topic of a number of recent analyst reports. Citigroup boosted their price target on shares of Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, January 8th. Royal Bank Of Canada reiterated an “outperform” rating and set a $63.00 price objective on shares of Core & Main in a research note on Friday, January 9th. JPMorgan Chase & Co. upped their target price on Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. 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 dropped their price objective on Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Monday, December 1st.

Core & Main Stock Down 0.6%

Shares of Core & Main stock opened at $56.30 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35. Core & Main has a 1-year low of $43.17 and a 1-year high of $67.18. The business’s fifty day moving average price is $55.74 and its two-hundred day moving average price is $54.80. The company has a market capitalization of $11.01 billion, a P/E ratio of 24.80, a PEG ratio of 2.08 and a beta of 0.98.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Tuesday, December 9th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.17. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The company had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter in the prior year, the business posted $0.69 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, research analysts forecast that Core & Main will post 2.16 EPS for the current year.

Core & Main declared that its board has initiated 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 repurchase up to 5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Core & Main

Several large investors have recently made changes to their positions in CNM. Cubist Systematic Strategies LLC raised its holdings in shares of 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 in the last quarter. AQR Capital Management LLC acquired a new position in Core & Main in the first quarter worth approximately $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Core & Main by 36.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,576 shares of the company’s stock valued at $1,719,000 after buying an additional 9,534 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Core & Main by 23.1% during 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 during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of Core & Main by 89.0% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 27,276 shares of the company’s stock valued at $1,702,000 after acquiring an additional 12,847 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.