Core & Main’s (CNM) Outperform Rating Reiterated at Wolfe Research

Core & Main (NYSE:CNM)‘s stock had its “outperform” rating reiterated by investment analysts at Wolfe Research in a report released on Tuesday, Benzinga reports. They currently have a $63.00 price target on the stock. Wolfe Research’s price objective would indicate a potential upside of 54.35% from the company’s previous close.

Several other equities analysts have also commented on CNM. Royal Bank Of Canada reduced their target price on shares of Core & Main from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Thursday. Truist Financial lowered their price target on shares of Core & Main from $50.00 to $45.00 and set a “hold” rating for the company in a research note on Thursday, September 10th. William Blair assumed coverage on shares of Core & Main in a research note on Thursday, July 23rd. They issued a “market perform” rating for the company. The Goldman Sachs Group restated a “neutral” rating and set a $53.00 price target on shares of Core & Main in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft set a $55.00 price objective on Core & Main in a research note on Thursday. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $55.64.

Core & Main Stock Up 0.5%

Shares of CNM opened at $40.82 on Tuesday. Core & Main has a 1 year low of $40.03 and a 1 year high of $59.66. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.47 and a quick ratio of 1.51. The stock has a 50 day simple moving average of $44.38 and a two-hundred day simple moving average of $47.67. The firm has a market cap of $7.90 billion, a P/E ratio of 16.80, a P/E/G ratio of 1.70 and a beta of 0.91.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Wednesday, September 9th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.91 by $0.03. The firm had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.14 billion. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. The business’s revenue was up 2.5% compared to the same quarter last year. During the same period last year, the firm posted $0.87 earnings per share. On average, analysts forecast that Core & Main will post 3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director James Hope purchased 2,067 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was bought at an average cost of $46.01 per share, for a total transaction of $95,102.67. Following the acquisition, the director directly owned 11,805 shares of the company’s stock, valued at $543,148.05. This represents a 21.23% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System increased its stake in shares of Core & Main by 4,688.8% in the 2nd quarter. California State Teachers Retirement System now owns 10,532,203 shares of the company’s stock worth $508,179,000 after acquiring an additional 10,312,269 shares in the last quarter. Norges Bank bought a new stake in Core & Main during the fourth quarter worth about $108,265,000. Assenagon Asset Management S.A. grew its holdings in Core & Main by 1,660.3% in the first quarter. Assenagon Asset Management S.A. now owns 932,323 shares of the company’s stock worth $46,057,000 after purchasing an additional 879,360 shares during the period. Renaissance Technologies LLC purchased a new stake in Core & Main in the first quarter worth about $40,217,000. Finally, First Trust Advisors LP increased its stake in shares of 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 purchasing an additional 812,770 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Company Profile

Core & Main, Inc (NYSE: CNM) is a specialized distributor of water, wastewater, storm drainage and fire protection products in the United States. The company supplies infrastructure materials used in the construction, maintenance and repair of public and private utility systems.

Its product offerings include ductile iron and PVC pipe, valves, hydrants, water meters, storm drainage systems, pipe fittings, fire protection equipment and related products. Core & Main also provides services such as product sourcing, technical support, fabrication, field assistance and inventory management to help customers complete infrastructure projects.

Core & Main serves municipalities, utility contractors, water and wastewater authorities, private water companies, civil and site-development contractors, and other industrial customers through a nationwide distribution network.