Royal Bank of Canada Issues Pessimistic Forecast for Core & Main (NYSE:CNM) Stock Price

Core & Main (NYSE:CNM) had its price target reduced by stock analysts at Royal Bank of Canada from $62.00 to $60.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 20.11% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. Robert W. Baird reduced their price objective on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday. Barclays upped their price target on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Loop Capital increased their price objective on shares of Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. The Goldman Sachs Group boosted their target price on Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a report on Thursday, December 5th. Finally, Truist Financial increased their price target on Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $57.30.

Core & Main Price Performance

Shares of NYSE:CNM opened at $49.96 on Wednesday. The firm’s 50 day moving average is $52.00 and its two-hundred day moving average is $48.74. The firm has a market capitalization of $9.92 billion, a P/E ratio of 23.45, a PEG ratio of 2.61 and a beta of 1.05. 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 has a 52 week low of $37.22 and a 52 week high of $62.15.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, March 25th. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.03). Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the prior year, the business earned $0.34 earnings per share. The firm’s revenue was up 17.9% compared to the same quarter last year. Analysts anticipate that Core & Main will post 2.16 earnings per share for the current year.

Insider Activity at Core & Main

In related news, EVP John R. Schaller sold 21,868 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $46.82, for a total value of $1,023,859.76. Following the completion of the sale, the executive vice president now owns 16,452 shares in the company, valued at approximately $770,282.64. This represents a 57.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Mark G. Whittenburg sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $50.49, for a total transaction of $2,524,500.00. Following the completion of the transaction, the general counsel now directly owns 7,667 shares of the company’s stock, valued at $387,106.83. This represents a 86.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 184,294 shares of company stock worth $9,383,685 in the last quarter. 3.49% of the stock is owned by company insiders.

Institutional Investors Weigh In On Core & Main

Hedge funds have recently bought and sold shares of the business. Avior Wealth Management LLC lifted its position in shares of Core & Main by 51.3% in the fourth quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock worth $41,000 after purchasing an additional 271 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Core & Main in the 3rd quarter valued at approximately $49,000. UMB Bank n.a. lifted its position in Core & Main by 246.0% in the 4th quarter. UMB Bank n.a. now owns 962 shares of the company’s stock worth $49,000 after buying an additional 684 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Core & Main by 30.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company’s stock valued at $61,000 after buying an additional 278 shares during the period. Finally, Blue Trust Inc. increased its stake in shares of Core & Main by 187.4% in the fourth quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock worth $65,000 after acquiring an additional 830 shares during the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Company Profile

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.