Core & Main, Inc. (NYSE:CNM) Receives $58.10 Average Price Target from Analysts

Core & Main, Inc. (NYSE:CNM) has earned a consensus recommendation of “Moderate Buy” from the ten analysts that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $58.10.

CNM has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. Bank of America reduced their price objective on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. Barclays increased their price objective on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. The Goldman Sachs Group lifted their target price on shares of Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a report on Thursday, December 5th. Finally, Robert W. Baird increased their price target on shares of Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Core & Main Price Performance

NYSE:CNM opened at $51.03 on Tuesday. The stock has a market capitalization of $10.14 billion, a PE ratio of 23.96, a P/E/G ratio of 2.95 and a beta of 1.04. Core & Main has a 1-year low of $37.22 and a 1-year high of $62.15. The firm has a fifty day simple moving average of $47.87 and a 200 day simple moving average of $47.76. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36.

Core & Main (NYSE:CNM) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. Core & Main’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.65 EPS. On average, research analysts expect that Core & Main will post 2.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other Core & Main news, Director Margaret Newman sold 15,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $55.25, for a total transaction of $828,750.00. Following the sale, the director now directly owns 11,769 shares in the company, valued at $650,237.25. This represents a 56.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Bradford A. Cowles sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $55.07, for a total transaction of $2,753,500.00. Following the completion of the transaction, the president now owns 18,423 shares of the company’s stock, valued at $1,014,554.61. The trade was a 73.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 290,000 shares of company stock worth $15,926,000 in the last 90 days. Company insiders own 3.49% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CNM. Select Equity Group L.P. boosted its holdings in shares of Core & Main by 0.3% in the 2nd quarter. Select Equity Group L.P. now owns 15,426,777 shares of the company’s stock valued at $754,986,000 after purchasing an additional 39,475 shares in the last quarter. FMR LLC lifted its position in shares of Core & Main by 28.0% during the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock worth $386,151,000 after buying an additional 1,903,280 shares during the last quarter. State Street Corp boosted its stake in Core & Main by 9.7% in the third quarter. State Street Corp now owns 5,522,009 shares of the company’s stock valued at $245,177,000 after buying an additional 489,224 shares in the last quarter. Pacer Advisors Inc. grew its position in Core & Main by 1.0% in the third quarter. Pacer Advisors Inc. now owns 4,250,219 shares of the company’s stock valued at $188,710,000 after acquiring an additional 41,521 shares during the last quarter. Finally, Royal London Asset Management Ltd. raised its stake in Core & Main by 39.9% during the third quarter. Royal London Asset Management Ltd. now owns 3,761,906 shares of the company’s stock worth $167,029,000 after acquiring an additional 1,073,451 shares in the last quarter. 94.19% of the stock is owned by institutional investors.

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.