Core & Main (NYSE:CNM) Hits New 12-Month Low – What’s Next?

Core & Main, Inc. (NYSE:CNM) shares reached a new 52-week low on Monday . The stock traded as low as $43.86 and last traded at $43.8640, with a volume of 998122 shares changing hands. The stock had previously closed at $45.24.

Wall Street Analyst Weigh In

CNM has been the topic of a number of research analyst reports. Barclays lowered their price objective on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 25th. Citigroup cut their target price on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a research report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $24.00 price target on shares of Core & Main in a report on Thursday, June 11th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and an average target price of $57.73.

Core & Main Stock Down 3.0%

The company’s 50-day moving average price is $47.73 and its 200 day moving average price is $51.13. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.31 and a current ratio of 2.31. The stock has a market cap of $8.49 billion, a PE ratio of 18.58, a price-to-earnings-growth ratio of 1.57 and a beta of 0.91.

Insider Activity

In related news, Director James D. Hope acquired 2,067 shares of the stock in a transaction dated Monday, July 6th. The shares were purchased at an average cost of $46.01 per share, with a total value of $95,102.67. Following the transaction, the director directly owned 11,805 shares in the company, valued at approximately $543,148.05. This represents a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. TD Waterhouse Canada Inc. bought a new stake in Core & Main during the fourth quarter valued at about $26,000. EverSource Wealth Advisors LLC lifted its position in shares of Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after acquiring an additional 269 shares in the last quarter. Whittier Trust Co. bought a new position in shares of Core & Main in the fourth quarter worth about $28,000. Cubist Systematic Strategies LLC grew its position in shares of 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 purchasing an additional 524 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Core & Main during the fourth quarter worth about $38,000. 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.