Core & Main (NYSE:CNM) Sets New 12-Month Low – Should You Sell?

Core & Main, Inc. (NYSE:CNM) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $41.25 and last traded at $42.0670, with a volume of 489156 shares trading hands. The stock had previously closed at $44.06.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CNM. Citigroup reduced their price target on Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a research report on Thursday, June 11th. Wall Street Zen cut Core & Main from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. William Blair assumed coverage on Core & Main in a research note on Thursday, July 23rd. They issued a “market perform” rating on the stock. Northcoast Research cut shares of Core & Main from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 26th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $24.00 target price on shares of Core & Main in a report on Thursday, June 11th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.70.

Core & Main Stock Performance

The company has a market capitalization of $8.17 billion, a price-to-earnings ratio of 17.91, a PEG ratio of 1.53 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 stock has a fifty day moving average price of $44.73 and a two-hundred day moving average price of $48.09.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Wednesday, September 9th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.92 by $0.02. Core & Main had a return on equity of 26.17% and a net margin of 5.87%.The company had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same period in the prior year, the firm posted $0.87 earnings per share. The firm’s revenue was up 2.5% on a year-over-year basis. As a group, analysts forecast that Core & Main, Inc. will post 3.08 EPS for the current fiscal year.

Insider Transactions at Core & Main

In other news, Director James Hope acquired 2,067 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were bought at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the purchase, the director directly owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. This trade represents a 21.23% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Core & Main

Several hedge funds and other institutional investors have recently bought and sold shares of CNM. EverSource Wealth Advisors LLC lifted its position in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after purchasing an additional 269 shares during the last quarter. Cubist Systematic Strategies LLC raised its stake in Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after buying an additional 524 shares in the last quarter. Quarry LP bought a new position in Core & Main during the 4th quarter worth approximately $38,000. Root Financial Partners LLC grew its position in shares of Core & Main by 111.6% in the 1st quarter. Root Financial Partners LLC now owns 895 shares of the company’s stock worth $44,000 after acquiring an additional 472 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Core & Main in the 4th quarter worth approximately $44,000. 94.19% of the stock is currently owned by hedge funds and other 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.