Core & Main (NYSE:CNM) Price Target Cut to $53.00

Core & Main (NYSE:CNM) had its target price cut by Royal Bank of Canada from $60.00 to $53.00 in a research report report published on Thursday, Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages have also recently issued reports on CNM. Robert W. Baird decreased their target price on Core & Main from $62.00 to $53.00 and set an outperform rating for the company in a research report on Thursday. JPMorgan Chase & Co. lowered their target price on shares of Core & Main from $54.00 to $52.00 and set an overweight rating on the stock in a research report on Tuesday, September 3rd. Barclays reduced their price target on shares of Core & Main from $65.00 to $57.00 and set an overweight rating for the company in a research report on Thursday. Bank of America lowered their price objective on shares of Core & Main from $38.00 to $34.00 and set an underperform rating on the stock in a research report on Thursday. Finally, Truist Financial reduced their target price on shares of Core & Main from $50.00 to $38.00 and set a hold rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued 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 $49.30.

Core & Main Stock Up 0.1 %

CNM stock opened at $38.05 on Thursday. The company’s 50 day moving average is $49.66 and its two-hundred day moving average is $52.65. Core & Main has a twelve month low of $27.75 and a twelve month high of $62.15. The company has a current ratio of 2.14, a quick ratio of 1.23 and a debt-to-equity ratio of 1.46. The stock has a market cap of $7.67 billion, a P/E ratio of 17.78, a PEG ratio of 1.82 and a beta of 1.04.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). Core & Main had a net margin of 5.53% and a return on equity of 20.01%. The company had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $2.05 billion. During the same period last year, the firm earned $0.66 earnings per share. Core & Main’s revenue was up 5.5% on a year-over-year basis. Research analysts expect that Core & Main will post 2.32 earnings per share for the current fiscal year.

Insider Activity at Core & Main

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $52.22, for a total transaction of $652,750.00. Following the transaction, the director now owns 11,769 shares in the company, valued at approximately $614,577.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.49% of the stock is owned by insiders.

Institutional Trading of Core & Main

Institutional investors have recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Core & Main during the 4th quarter worth $69,282,000. Forest Avenue Capital Management LP purchased a new stake in Core & Main during the fourth quarter worth about $13,085,000. Charles Schwab Investment Management Inc. grew its position in Core & Main by 27.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,348,537 shares of the company’s stock worth $54,494,000 after buying an additional 286,513 shares during the period. Chesapeake Capital Corp IL purchased a new position in Core & Main in the fourth quarter valued at about $962,000. Finally, American International Group Inc. lifted its position in shares of Core & Main by 20,185.1% during the 4th quarter. American International Group Inc. now owns 184,594 shares of the company’s stock valued at $7,459,000 after acquiring an additional 183,684 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

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.