Royal Bank of Canada Reaffirms Outperform Rating for Core & Main (NYSE:CNM)

Core & Main (NYSE:CNM)‘s stock had its “outperform” rating restated by investment analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $62.00 price target on the stock, up from their prior price target of $53.00. Royal Bank of Canada’s price target would suggest a potential upside of 13.55% from the stock’s current price.

Several other equities research analysts have also recently commented on the stock. Barclays boosted their price target on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday. Bank of America dropped 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. Truist Financial raised their price target on Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a research note on Wednesday. JPMorgan Chase & Co. dropped their price objective on Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 3rd. Finally, The Goldman Sachs Group decreased their target price on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Core & Main currently has an average rating of “Moderate Buy” and a consensus target price of $55.30.

Core & Main Stock Down 2.1 %

Shares of NYSE:CNM traded down $1.18 during mid-day trading on Wednesday, reaching $54.60. 1,262,933 shares of the stock were exchanged, compared to its average volume of 2,592,164. The company has a market cap of $10.98 billion, a P/E ratio of 26.12, a P/E/G ratio of 3.14 and a beta of 1.04. The stock’s 50 day simple moving average is $44.80 and its 200-day simple moving average is $48.09. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. Core & Main has a one year low of $35.03 and a one year high of $62.15.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04. The company had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $1.99 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period last year, the business earned $0.65 EPS. As a group, equities research analysts predict that Core & Main will post 2.1 EPS for the current year.

Institutional Trading of Core & Main

A number of institutional investors have recently bought and sold shares of CNM. Ashton Thomas Securities LLC acquired a new stake in shares of Core & Main in the third quarter valued at approximately $26,000. ORG Wealth Partners LLC bought a new position in Core & Main during the 3rd quarter worth $31,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Core & Main during the 3rd quarter valued at $49,000. GAMMA Investing LLC grew its holdings in shares of Core & Main by 61.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after purchasing an additional 511 shares in the last quarter. Finally, Brown Brothers Harriman & Co. bought a new position in shares of Core & Main in the second quarter worth $76,000. Institutional investors own 94.19% of the company’s stock.

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.