Core & Main (NYSE:CNM) Price Target Raised to $62.00

Core & Main (NYSE:CNM) had its price target hoisted by Wells Fargo & Company from $52.00 to $62.00 in a research note published on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Truist Financial increased their price objective on shares of Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a research note on Wednesday. Loop Capital dropped their price target 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. The Goldman Sachs Group decreased their price objective on Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Robert W. Baird increased their target price on Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. decreased their price target on Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 3rd. 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 company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.10.

Core & Main Stock Down 1.4 %

NYSE CNM opened at $53.86 on Thursday. Core & Main has a twelve month low of $35.70 and a twelve month high of $62.15. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.34 and a current ratio of 2.14. The stock has a market cap of $10.83 billion, a PE ratio of 25.30, a PEG ratio of 3.59 and a beta of 1.04. The firm has a 50-day simple moving average of $45.60 and a 200 day simple moving average of $48.11.

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

Insiders Place Their Bets

In related 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 value of $828,750.00. Following the completion of the sale, the director now owns 11,769 shares of the company’s stock, valued at $650,237.25. This trade represents a 56.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Bradford A. Cowles sold 50,000 shares of the company’s stock in a transaction 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 transaction, the president now directly owns 18,423 shares in the company, valued at approximately $1,014,554.61. This represents a 73.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 290,000 shares of company stock valued at $15,926,000. 3.49% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Core & Main

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new position in Core & Main in the third quarter valued at about $26,000. ORG Wealth Partners LLC acquired a new position in Core & Main during the 3rd quarter valued at about $31,000. Wilmington Savings Fund Society FSB bought a new position in shares of Core & Main in the 3rd quarter valued at about $49,000. GAMMA Investing LLC grew its position in shares of Core & Main by 61.1% during the 3rd 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. bought a new stake in shares of Core & Main during the second quarter worth approximately $76,000. Institutional investors 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.