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

Core & Main (NYSE:CNM) had its target price decreased by equities research analysts at Royal Bank of Canada from $60.00 to $53.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 39.40% from the company’s previous close.

Several other research firms have also recently commented on CNM. Loop Capital cut their price target on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a report on Thursday. Robert W. Baird reduced their price target on Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday. Barclays dropped their price objective on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday. Truist Financial cut their price objective on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday. Finally, JPMorgan Chase & Co. dropped their price target on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday. 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.82.

Core & Main Stock Up 0.1 %

Shares of CNM opened at $38.02 on Thursday. The stock has a 50 day moving average price of $49.66 and a 200 day moving average price of $52.59. Core & Main has a one year low of $27.75 and a one year high of $62.15. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 2.14. The stock has a market capitalization of $7.66 billion, a price-to-earnings ratio of 17.77, a PEG ratio of 1.82 and a beta of 1.04.

Core & Main (NYSE:CNM) last released its earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). The business 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 20.01% and a net margin of 5.53%. Core & Main’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.66 EPS. Equities research analysts forecast that Core & Main will post 2.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Core & Main

In other news, Director James G. Castellano sold 12,500 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 11,769 shares in the company, valued at $614,577.18. The transaction was disclosed in a document filed with the SEC, which is available at this link. 3.49% of the stock is owned by corporate insiders.

Institutional Trading of Core & Main

Several hedge funds have recently made changes to their positions in CNM. Norges Bank purchased a new stake in Core & Main during the 4th quarter worth approximately $69,282,000. Forest Avenue Capital Management LP acquired a new position in shares of Core & Main during the fourth quarter worth about $13,085,000. Charles Schwab Investment Management Inc. increased its stake in shares of 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 acquired a new stake in Core & Main in the fourth quarter valued at approximately $962,000. Finally, American International Group Inc. lifted its stake in Core & Main by 20,185.1% in the fourth quarter. American International Group Inc. now owns 184,594 shares of the company’s stock worth $7,459,000 after acquiring an additional 183,684 shares during the last quarter. Institutional investors and hedge funds 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.