Core & Main (NYSE:CNM) Price Target Raised to $57.00

Core & Main (NYSE:CNM) had its target price lifted by The Goldman Sachs Group from $50.00 to $57.00 in a research note published on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Several other equities research analysts also recently issued reports on CNM. Loop Capital boosted their price objective on Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday. Bank of America reduced their price target on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Thursday, September 5th. Robert W. Baird raised their price objective on shares of Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a research note on Wednesday. Wells Fargo & Company upped their target price on shares of Core & Main from $52.00 to $62.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Barclays raised their price target on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.10.

Core & Main Price Performance

Shares of CNM opened at $53.86 on Thursday. The firm has a 50-day simple moving average of $45.60 and a two-hundred day simple moving average of $48.11. The stock has a market cap of $10.83 billion, a PE ratio of 25.29, a P/E/G ratio of 3.59 and a beta of 1.04. Core & Main has a 1-year low of $35.70 and a 1-year high of $62.15. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.34.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.04. The firm had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 EPS. As a group, analysts forecast that Core & Main will post 2.14 EPS for the current year.

Insider Transactions at Core & Main

In related news, President Bradford A. Cowles sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $55.07, for a total value of $2,753,500.00. Following the completion of the transaction, the president now directly owns 18,423 shares of the company’s stock, valued at $1,014,554.61. This represents a 73.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Stephen O. Leclair sold 200,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the completion of the transaction, the chief executive officer now owns 92,349 shares in the company, valued at $5,068,113.12. This represents a 68.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 290,000 shares of company stock valued at $15,926,000. Insiders own 3.49% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Select Equity Group L.P. lifted its position in Core & Main by 0.3% in the second quarter. Select Equity Group L.P. now owns 15,426,777 shares of the company’s stock valued at $754,986,000 after acquiring an additional 39,475 shares during the last quarter. FMR LLC increased its position in Core & Main by 28.0% during the third 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 period. State Street Corp lifted 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 during the last quarter. Pacer Advisors Inc. grew its position in shares of Core & Main by 1.0% during the third quarter. Pacer Advisors Inc. now owns 4,250,219 shares of the company’s stock worth $188,710,000 after acquiring an additional 41,521 shares during the last quarter. Finally, Royal London Asset Management Ltd. increased its holdings in shares of Core & Main by 39.9% in the 3rd quarter. Royal London Asset Management Ltd. now owns 3,761,906 shares of the company’s stock valued at $167,029,000 after acquiring an additional 1,073,451 shares during the period. 94.19% of the stock is owned by hedge funds and other 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.