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

Shares of Core & Main, Inc. (NYSE:CNM) have received an average recommendation of “Moderate Buy” from the twelve analysts that are currently covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $57.7273.

Several research analysts have recently weighed in on the company. Barclays decreased their price target on Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Wednesday, March 25th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $24.00 price objective on shares of Core & Main in a research report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft reduced their price objective on Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Finally, Citigroup decreased their target price on Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a research report on Thursday, June 11th.

Core & Main Trading Down 5.7%

NYSE:CNM opened at $45.49 on Friday. The stock has a market cap of $8.80 billion, a price-to-earnings ratio of 19.27, a PEG ratio of 1.67 and a beta of 0.91. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00. The company’s 50 day moving average price is $48.74 and its 200-day moving average price is $51.89. Core & Main has a 52 week low of $43.96 and a 52 week high of $67.18.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Wednesday, June 10th. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.19. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. Core & Main had a net margin of 5.87% and a return on equity of 26.17%. The firm’s revenue for the quarter was down .1% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 EPS. On average, equities research analysts forecast that Core & Main will post 3.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Robyn L. Bradbury sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $52.54, for a total transaction of $262,700.00. Following the completion of the transaction, the chief financial officer directly owned 12,500 shares of the company’s stock, valued at $656,750. The trade was a 28.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope acquired 1,972 shares of the stock in a transaction that occurred on Tuesday, April 7th. The shares were bought at an average price of $50.70 per share, for a total transaction of $99,980.40. Following the transaction, the director owned 6,939 shares of the company’s stock, valued at $351,807.30. This trade represents a 39.70% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 1.51% of the company’s stock.

Hedge Funds Weigh In On Core & Main

Several hedge funds and other institutional investors have recently modified their holdings of the company. Morgan Stanley increased its position in shares of Core & Main by 8.3% during the 4th quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock valued at $758,079,000 after purchasing an additional 1,118,145 shares during the last quarter. Capital World Investors grew its position in Core & Main by 5.8% during the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock valued at $327,034,000 after buying an additional 344,606 shares during the period. First Trust Advisors LP grew its position in Core & Main by 15.3% during the first quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock valued at $302,863,000 after buying an additional 812,770 shares during the period. State Street Corp increased its holdings in Core & Main by 1.0% during the fourth quarter. State Street Corp now owns 5,733,516 shares of the company’s stock valued at $297,971,000 after buying an additional 54,562 shares during the last quarter. Finally, Royal London Asset Management Ltd. raised its position in 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 worth $295,636,000 after acquiring an additional 632,077 shares during the period. 94.19% of the stock is owned by institutional investors.

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.