Core & Main (NYSE:CNM) Now Covered by Wells Fargo & Company

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

Other research analysts have also recently issued reports about the stock. Bank of America lowered their target price on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Thursday, September 5th. Barclays cut their target price on Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, September 5th. Loop Capital dropped their price target on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. Royal Bank of Canada dropped their target price on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Finally, Truist Financial dropped their price objective on Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $49.55.

Core & Main Trading Down 3.1 %

Shares of CNM stock opened at $43.41 on Monday. The company has a market capitalization of $8.75 billion, a PE ratio of 20.29, a price-to-earnings-growth ratio of 2.52 and a beta of 1.04. The firm has a 50 day moving average price of $48.03 and a two-hundred day moving average price of $52.23. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. Core & Main has a 12-month low of $27.75 and a 12-month high of $62.15.

Core & Main (NYSE:CNM) last posted its quarterly earnings data 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). Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The firm had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the previous year, the business earned $0.66 EPS. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, analysts predict that Core & Main will post 2.1 earnings per share for the current year.

Core & Main announced that its board has authorized a share repurchase plan 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 shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director James G. Castellano sold 12,500 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $52.22, for a total transaction of $652,750.00. Following the completion of the sale, the director now directly owns 11,769 shares in the company, valued at $614,577.18. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 3.49% of the company’s stock.

Institutional Investors Weigh In On Core & Main

Several large investors have recently added to or reduced their stakes in the business. Rise Advisors LLC bought a new position in shares of Core & Main during the 1st quarter worth approximately $27,000. ORG Partners LLC bought a new position in Core & Main during the first quarter worth $38,000. Quadrant Capital Group LLC boosted its stake in Core & Main by 74.5% during the fourth quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock worth $35,000 after acquiring an additional 365 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new stake in Core & Main in the second quarter worth $76,000. Finally, CWM LLC increased its stake in Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after purchasing an additional 334 shares in the last quarter. Institutional investors and hedge funds 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.