Core & Main (NYSE:CNM) Stock Gets Price Target Reduction from Royal Bank Of Canada

Core & Main (NYSE:CNM) had its target price cut by Royal Bank Of Canada from $60.00 to $57.00 in a report issued on Wednesday morning, MarketBeat.com reports. They currently have an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the company. Robert W. Baird cut their price objective on Core & Main from $66.00 to $57.00 and set an “outperform” rating for the company in a report on Thursday, September 10th. Wells Fargo & Company lowered their target price on shares of Core & Main from $65.00 to $48.00 and set an “overweight” rating on the stock in a report on Thursday, September 10th. Zacks Research lowered shares of Core & Main from a “hold” rating to a “strong sell” rating in a research report on Monday, September 14th. Wall Street Zen upgraded shares of Core & Main from a “hold” rating to a “buy” rating in a research note on Saturday, September 26th. Finally, Deutsche Bank Aktiengesellschaft set a $55.00 price objective on shares of Core & Main in a research report on Thursday, September 10th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $54.40.

Core & Main Price Performance

Shares of NYSE CNM opened at $40.37 on Wednesday. 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 business has a 50-day moving average of $43.43 and a 200-day moving average of $46.53. The stock has a market capitalization of $7.69 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 1.69 and a beta of 0.91. Core & Main has a fifty-two week low of $39.42 and a fifty-two week high of $59.66.

Core & Main (NYSE:CNM) last released its earnings results on Wednesday, September 9th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.03. The business had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.14 billion. Core & Main had a return on equity of 25.98% and a net margin of 5.96%. Core & Main’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.87 earnings per share. As a group, sell-side analysts predict that Core & Main will post 3.00 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Core & Main

Several hedge funds have recently added to or reduced their stakes in CNM. California State Teachers Retirement System raised its position in shares of Core & Main by 22.3% in the first quarter. California State Teachers Retirement System now owns 219,934 shares of the company’s stock valued at $10,865,000 after purchasing an additional 40,050 shares during the period. KBC Group NV boosted its holdings in shares of Core & Main by 4.5% during the 1st quarter. KBC Group NV now owns 2,737,992 shares of the company’s stock worth $135,257,000 after buying an additional 119,076 shares during the period. Wellington Management Group LLP grew its stake in Core & Main by 52.5% in the 2nd quarter. Wellington Management Group LLP now owns 251,724 shares of the company’s stock valued at $12,146,000 after buying an additional 86,672 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Core & Main in the 2nd quarter valued at about $4,461,000. Finally, Bornite Capital Management LP acquired a new stake in Core & Main during the second quarter worth approximately $36,622,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc (NYSE: CNM) is a specialized distributor of infrastructure products serving the water, wastewater, storm drainage, fire protection and related utility markets. The company supplies products used to build, repair and maintain essential public and private infrastructure across the United States.

Its product portfolio includes ductile iron and plastic pipe, valves, hydrants, water meters, fittings, and other waterworks components. Core & Main also distributes stormwater drainage products, fire protection equipment and related solutions.