Core & Main (NYSE:CNM) Price Target Raised to $63.00

Core & Main (NYSE:CNM) had its price objective hoisted by Loop Capital from $52.00 to $63.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on CNM. 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 research note on Thursday, September 5th. Royal Bank of Canada restated an “outperform” rating and issued a $62.00 price objective (up from $53.00) on shares of Core & Main in a research report on Wednesday. Barclays lifted their price target on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday. Wells Fargo & Company boosted 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, Truist Financial raised their price target on shares of Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.10.

Core & Main Trading Down 1.4 %

Shares of Core & Main stock opened at $53.88 on Wednesday. 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. The stock has a market cap of $10.84 billion, a PE ratio of 25.64, a price-to-earnings-growth ratio of 3.63 and a beta of 1.04. The firm has a fifty day moving average price of $45.44 and a 200 day moving average price of $48.15.

Core & Main (NYSE:CNM) last announced its quarterly 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. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The company had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $1.99 billion. During the same period last year, the business earned $0.65 earnings per share. Core & Main’s quarterly revenue was up 11.5% on a year-over-year basis. Equities research analysts predict that Core & Main will post 2.1 earnings per share for the current year.

Insider Activity

In other news, Director Margaret Newman sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $55.25, for a total transaction of $828,750.00. Following the completion of the sale, the director now owns 11,769 shares in the company, valued at $650,237.25. This trade represents a 56.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Stephen O. Leclair sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total value 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. Insiders sold 290,000 shares of company stock worth $15,926,000 over the last ninety days. Corporate insiders own 3.49% of the company’s stock.

Institutional Investors Weigh In On Core & Main

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC purchased a new position in shares of Core & Main during the 3rd quarter worth $26,000. ORG Wealth Partners LLC purchased a new stake in Core & Main in the 3rd quarter valued at about $31,000. Wilmington Savings Fund Society FSB acquired a new position in Core & Main in the third quarter valued at about $49,000. GAMMA Investing LLC boosted its stake in Core & Main by 61.1% during the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after buying an additional 511 shares during the period. Finally, Brown Brothers Harriman & Co. acquired a new stake in shares of Core & Main during the second quarter valued at about $76,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

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.