Royal Bank of Canada Cuts Core & Main (NYSE:CNM) Price Target to $60.00

Core & Main (NYSE:CNM) had its price target reduced by Royal Bank of Canada from $62.00 to $60.00 in a research note released on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

CNM has been the topic of several other reports. Barclays boosted their price target on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Citigroup lifted their target price on Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Wells Fargo & Company increased their target price on shares of Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. Truist Financial lifted their price objective on Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group boosted their price target on Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Core & Main has a consensus rating of “Moderate Buy” and an average price target of $57.30.

Core & Main Stock Performance

Shares of Core & Main stock opened at $48.46 on Wednesday. The company’s 50 day moving average price is $51.87 and its two-hundred day moving average price is $48.81. The firm has a market capitalization of $9.63 billion, a P/E ratio of 22.75, a P/E/G ratio of 2.61 and a beta of 1.05. Core & Main has a fifty-two week low of $37.22 and a fifty-two week high of $62.15. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). The firm had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.67 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm’s revenue was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.34 earnings per share. On average, equities analysts forecast that Core & Main will post 2.16 earnings per share for the current fiscal year.

Insider Transactions at Core & Main

In other news, EVP John R. Schaller sold 21,868 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $46.82, for a total transaction of $1,023,859.76. Following the completion of the sale, the executive vice president now directly owns 16,452 shares of the company’s stock, valued at $770,282.64. The trade was a 57.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Mark G. Whittenburg sold 50,000 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $50.49, for a total transaction of $2,524,500.00. Following the completion of the sale, the general counsel now owns 7,667 shares in the company, valued at $387,106.83. This represents a 86.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 184,294 shares of company stock valued at $9,383,685 over the last ninety days. 3.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Avior Wealth Management LLC boosted its holdings in Core & Main by 51.3% during the 4th quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock worth $41,000 after acquiring an additional 271 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Core & Main during the third quarter valued at about $49,000. UMB Bank n.a. boosted its stake in shares of Core & Main by 246.0% in the 4th quarter. UMB Bank n.a. now owns 962 shares of the company’s stock worth $49,000 after buying an additional 684 shares during the last quarter. Quadrant Capital Group LLC boosted its position in Core & Main by 30.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company’s stock worth $61,000 after purchasing an additional 278 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Core & Main by 187.4% in the 4th quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock worth $65,000 after buying an additional 830 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.