Core & Main (NYSE:CNM) Sets New 12-Month Low on Analyst Downgrade

Core & Main, Inc. (NYSE:CNM) shares hit a new 52-week low on Tuesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $40.03 and last traded at $40.8160, with a volume of 3011623 shares trading hands. The stock had previously closed at $40.62.

Other research analysts also recently issued reports about the stock. Royal Bank Of Canada decreased their price target on shares of Core & Main from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Thursday, September 10th. Wolfe Research reaffirmed an “outperform” rating and issued a $63.00 price objective on shares of Core & Main in a research note on Tuesday. William Blair began coverage on shares of Core & Main in a report on Thursday, July 23rd. They set a “market perform” rating on the stock. Wells Fargo & Company decreased their target price on shares of Core & Main from $65.00 to $48.00 and set an “overweight” rating on the stock in a research report on Thursday, September 10th. Finally, Barclays lowered their price target on shares of Core & Main from $62.00 to $61.00 and set an “overweight” rating for the company in a research note on Thursday, September 10th. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $55.64.

Insiders Place Their Bets

In related news, Director James Hope acquired 2,067 shares of the company’s stock in a transaction dated Monday, July 6th. The stock was purchased at an average price of $46.01 per share, with a total value of $95,102.67. Following the completion of the purchase, the director owned 11,805 shares in the company, valued at $543,148.05. This trade represents a 21.23% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.51% of the company’s stock.

Institutional Investors Weigh In On Core & Main

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Root Financial Partners LLC grew its holdings in 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 during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Core & Main by 377.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,679 shares of the company’s stock worth $87,000 after purchasing an additional 1,327 shares during the period. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Core & Main during the fourth quarter worth about $92,000. Covestor Ltd grew its stake in shares of Core & Main by 30.8% in the fourth quarter. Covestor Ltd now owns 1,913 shares of the company’s stock worth $99,000 after purchasing an additional 450 shares during the last quarter. Finally, SkyView Investment Advisors LLC purchased a new position in Core & Main during the 2nd quarter valued at about $145,000. 94.19% of the stock is currently owned by institutional investors.

Core & Main Price Performance

The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.51 and a current ratio of 2.47. The business has a 50-day simple moving average of $44.22 and a 200 day simple moving average of $47.49. The firm has a market cap of $8.27 billion, a P/E ratio of 17.59, a price-to-earnings-growth ratio of 1.72 and a beta of 0.91.

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

About Core & Main

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.