Wells Fargo & Company Initiates Coverage on Core & Main (NYSE:CNM)

Analysts at Wells Fargo & Company assumed coverage on shares of Core & Main (NYSE:CNM) in a report issued on Monday, Briefing.com reports. The firm set an “overweight” rating and a $52.00 price target on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 19.79% from the company’s previous close.

Several other equities research analysts also recently issued reports on the company. Bank of America decreased their price target on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. The Goldman Sachs Group reduced their target price on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. JPMorgan Chase & Co. cut their price target on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a report on Tuesday, September 3rd. Loop Capital reduced their price objective on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, September 5th. Finally, Truist Financial dropped their target price on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $49.55.

Core & Main Stock Performance

CNM opened at $43.41 on Monday. The company has a market cap of $8.75 billion, a price-to-earnings ratio of 20.29, a PEG ratio of 2.52 and a beta of 1.04. The company’s fifty day moving average price is $48.03 and its two-hundred day moving average price is $52.23. Core & Main has a 1-year low of $27.75 and a 1-year high of $62.15. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40.

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 the consensus estimate of $0.74 by ($0.13). The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.05 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. Core & Main’s revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.66 EPS. On average, analysts expect that Core & Main will post 2.1 EPS for the current fiscal year.

Core & Main declared that its board has authorized a stock repurchase program on Wednesday, June 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at Core & Main

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Rise Advisors LLC purchased a new position in shares of Core & Main in the first quarter valued at $27,000. ORG Partners LLC bought a new position in Core & Main in the 1st quarter worth about $38,000. Quadrant Capital Group LLC grew its holdings in Core & Main by 74.5% during the 4th quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock valued at $35,000 after buying an additional 365 shares in the last quarter. Brown Brothers Harriman & Co. bought a new stake in shares of Core & Main during the second quarter valued at about $76,000. Finally, CWM LLC lifted its holdings in shares of Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company’s stock worth $80,000 after buying an additional 334 shares in the last quarter. 94.19% of the stock is owned by 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.