Citigroup Issues Positive Forecast for Core & Main (NYSE:CNM) Stock Price

Core & Main (NYSE:CNM) had its price target boosted by research analysts at Citigroup from $43.00 to $56.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price target indicates a potential upside of 9.91% from the company’s current price.

Several other equities analysts have also recently weighed in on CNM. Wells Fargo & Company lifted their price objective on Core & Main from $52.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Barclays raised their price objective on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Robert W. Baird upped their target price on shares of Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Royal Bank of Canada restated an “outperform” rating and issued a $62.00 price target (up from $53.00) on shares of Core & Main in a report on Wednesday, December 4th. Finally, Loop Capital upped their price objective on Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $57.30.

Core & Main Stock Down 0.8 %

Shares of NYSE:CNM opened at $50.95 on Monday. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The firm has a market cap of $10.12 billion, a P/E ratio of 23.92, a P/E/G ratio of 2.95 and a beta of 1.02. Core & Main has a 12 month low of $37.22 and a 12 month high of $62.15. The company’s 50-day moving average price is $48.67 and its two-hundred day moving average price is $47.75.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.04. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same quarter in the prior year, the firm posted $0.65 earnings per share. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. As a group, research analysts forecast that Core & Main will post 2.16 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, President Bradford A. Cowles sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $55.07, for a total value of $2,753,500.00. Following the completion of the sale, the president now directly owns 18,423 shares in the company, valued at approximately $1,014,554.61. This trade represents a 73.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Margaret Newman sold 15,000 shares of Core & Main stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $55.25, for a total value of $828,750.00. Following the transaction, the director now owns 11,769 shares of the company’s stock, valued at $650,237.25. The trade was a 56.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 290,000 shares of company stock valued at $15,926,000 in the last 90 days. 3.49% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Core & Main

A number of large investors have recently added to or reduced their stakes in CNM. Nordea Investment Management AB acquired a new stake in shares of Core & Main during the 4th quarter worth about $7,955,000. Everence Capital Management Inc. acquired a new position in Core & Main in the 4th quarter valued at about $287,000. GAMMA Investing LLC raised its holdings in Core & Main by 64.6% in the 4th quarter. GAMMA Investing LLC now owns 2,219 shares of the company’s stock valued at $113,000 after acquiring an additional 871 shares during the period. JPMorgan Chase & Co. lifted its position in Core & Main by 14.0% during the third quarter. JPMorgan Chase & Co. now owns 2,839,399 shares of the company’s stock worth $126,069,000 after acquiring an additional 349,674 shares during the last quarter. Finally, Lord Abbett & CO. LLC boosted its holdings in shares of Core & Main by 6.9% during the third quarter. Lord Abbett & CO. LLC now owns 899,064 shares of the company’s stock worth $39,919,000 after acquiring an additional 58,365 shares during the period. Institutional investors own 94.19% of the company’s stock.

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.