Core & Main, Inc. (NYSE:CNM) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Core & Main, Inc. (NYSE:CNM) has been given an average rating of “Moderate Buy” by the ten ratings firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $49.30.

CNM has been the topic of several research analyst reports. Truist Financial reduced their price objective on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Loop Capital dropped their price objective on Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, September 5th. JPMorgan Chase & Co. decreased 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. Robert W. Baird cut their price objective on Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Finally, Bank of America decreased their target price on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th.

Insider Transactions at Core & Main

In related news, Director James G. Castellano sold 12,500 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were 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 $614,577.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.49% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Core & Main

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Core & Main by 35.2% in the first quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock valued at $1,038,457,000 after buying an additional 4,721,510 shares during the last quarter. Select Equity Group L.P. boosted its stake in Core & Main by 0.3% during the second quarter. Select Equity Group L.P. now owns 15,426,777 shares of the company’s stock worth $754,986,000 after buying an additional 39,475 shares during the period. Capital International Investors boosted 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 buying an additional 4,200,591 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Core & Main by 37.1% in the second quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock valued at $205,974,000 after purchasing an additional 1,137,817 shares during the period. Finally, Anomaly Capital Management LP boosted its stake in shares of Core & Main by 35.9% in the second quarter. Anomaly Capital Management LP now owns 3,608,523 shares of the company’s stock valued at $176,601,000 after purchasing an additional 953,489 shares during the period. Institutional investors own 94.19% of the company’s stock.

Core & Main Price Performance

CNM stock opened at $40.83 on Friday. The company has a market capitalization of $8.23 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 2.52 and a beta of 1.04. The company’s fifty day moving average price is $48.72 and its 200-day moving average price is $52.39. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.34 and a current ratio of 2.29. Core & Main has a one year low of $27.75 and a one year high of $62.15.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 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 net margin of 5.58% and a return on equity of 21.91%. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 earnings per share. On average, equities analysts anticipate that Core & Main will post 2.1 EPS for the current fiscal year.

Core & Main declared that its Board of Directors has approved a stock buyback plan on Wednesday, June 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

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.