Core & Main, Inc. (NYSE:CNM) Receives $58.10 Consensus Price Target from Analysts

Shares of Core & Main, Inc. (NYSE:CNM) have received an average recommendation of “Moderate Buy” from the ten brokerages that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $58.10.

CNM has been the subject of several analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $62.00 price target (up previously from $53.00) on shares of Core & Main in a research report on Wednesday, December 4th. Barclays upped their target price on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Truist Financial raised their price target on Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. The Goldman Sachs Group upped their price objective on Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday, December 5th. Finally, Bank of America reduced their target price on Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Thursday, September 5th.

Insider Buying and Selling

In other Core & Main news, President Bradford A. Cowles sold 50,000 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $55.07, for a total transaction of $2,753,500.00. Following the completion of the transaction, the president now owns 18,423 shares in the company, valued at approximately $1,014,554.61. This represents a 73.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Stephen O. Leclair sold 200,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total value of $10,976,000.00. Following the completion of the sale, the chief executive officer now owns 92,349 shares in the company, valued at approximately $5,068,113.12. This trade represents a 68.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 290,000 shares of company stock valued at $15,926,000. 3.49% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in Core & Main by 14.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,839,399 shares of the company’s stock worth $126,069,000 after acquiring an additional 349,674 shares during the last quarter. Lord Abbett & CO. LLC boosted its holdings in Core & Main by 6.9% during the third quarter. Lord Abbett & CO. LLC now owns 899,064 shares of the company’s stock worth $39,919,000 after purchasing an additional 58,365 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new position in Core & Main in the third quarter valued at $774,000. Retirement Systems of Alabama increased its stake in Core & Main by 10.1% in the 3rd quarter. Retirement Systems of Alabama now owns 254,759 shares of the company’s stock valued at $11,311,000 after buying an additional 23,277 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in Core & Main during the 3rd quarter worth about $49,000. 94.19% of the stock is currently owned by institutional investors.

Core & Main Price Performance

Shares of CNM stock opened at $51.03 on Tuesday. The firm’s 50 day moving average is $47.87 and its 200-day moving average is $47.76. Core & Main has a 1 year low of $37.22 and a 1 year high of $62.15. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of 23.96, a PEG ratio of 2.95 and a beta of 1.04.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.04. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $1.99 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.65 earnings per share. Sell-side analysts forecast that Core & Main will post 2.16 EPS for the current fiscal year.

About Core & Main

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.