Core & Main (NYSE:CNM) Research Coverage Started at Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of Core & Main (NYSE:CNM) in a research note released on Monday, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $52.00 target price on the stock.

Other research analysts have also recently issued reports about the stock. Truist Financial cut their price target on shares of Core & Main from $50.00 to $38.00 and set a hold rating for the company in a report on Thursday, September 5th. Barclays lowered their target price on shares of Core & Main from $65.00 to $57.00 and set an overweight rating on the stock in a research report on Thursday, September 5th. Loop Capital lowered their target price on shares of Core & Main from $64.00 to $52.00 and set a buy rating on the stock in a research report on Thursday, September 5th. The Goldman Sachs Group lowered their target price on shares of Core & Main from $57.00 to $50.00 and set a neutral rating on the stock in a research report on Friday, September 6th. Finally, Robert W. Baird lowered their target price on shares of Core & Main from $62.00 to $53.00 and set an outperform rating on the stock in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $49.55.

Core & Main Trading Up 2.3 %

NYSE CNM opened at $45.27 on Monday. The stock has a market capitalization of $9.11 billion, a P/E ratio of 21.15, a P/E/G ratio of 2.87 and a beta of 1.04. Core & Main has a 52-week low of $27.98 and a 52-week high of $62.15. The firm has a 50-day moving average price of $47.41 and a 200 day moving average price of $52.04. 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 (NYSE:CNM) last posted its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.13). The firm had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.66 earnings per share. Equities research analysts expect that Core & Main will post 2.1 EPS for the current year.

Core & Main announced that its Board of Directors has initiated a share buyback program on Wednesday, June 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, Director James G. Castellano sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $52.22, for a total transaction of $652,750.00. Following the sale, the director now owns 11,769 shares in the company, valued at $614,577.18. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.49% of the stock is owned by company insiders.

Institutional Trading of Core & Main

A number of hedge funds have recently bought and sold shares of CNM. Vanguard Group Inc. boosted its position in Core & Main by 35.2% during the first quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock worth $1,038,457,000 after acquiring an additional 4,721,510 shares during the last quarter. Capital International Investors raised its stake in Core & Main by 470.6% during the first quarter. Capital International Investors now owns 5,093,278 shares of the company’s stock worth $291,590,000 after purchasing an additional 4,200,591 shares during the period. Bessemer Group Inc. raised its stake in Core & Main by 915.9% during the first quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock worth $148,073,000 after purchasing an additional 2,331,802 shares during the period. Swedbank AB purchased a new position in Core & Main during the first quarter worth approximately $98,876,000. Finally, Norges Bank purchased a new position in Core & Main during the fourth quarter worth approximately $69,282,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Company Profile

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.