Core & Main (NYSE:CNM) Price Target Cut to $60.00 by Analysts at Royal Bank of Canada

Core & Main (NYSE:CNM) had its price target reduced by Royal Bank of Canada from $62.00 to $60.00 in a research report report published on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

CNM has been the topic of several other research reports. Loop Capital boosted their target price on shares of Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Truist Financial boosted their price target on shares of Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Citigroup raised their price objective on Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, January 6th. Robert W. Baird decreased their target price on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Barclays raised their price target on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Core & Main has an average rating of “Moderate Buy” and a consensus price target of $57.30.

Core & Main Price Performance

NYSE:CNM opened at $49.50 on Wednesday. The business’s 50-day simple moving average is $52.10 and its two-hundred day simple moving average is $48.73. Core & Main has a 52 week low of $37.22 and a 52 week high of $62.15. The stock has a market cap of $9.83 billion, a PE ratio of 23.24, a P/E/G ratio of 2.61 and a beta of 1.05. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.03). Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same period last year, the business posted $0.34 EPS. The firm’s revenue for the quarter was up 17.9% compared to the same quarter last year. As a group, analysts forecast that Core & Main will post 2.16 EPS for the current fiscal year.

Insider Activity

In other Core & Main news, President Bradford A. Cowles sold 12,500 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $50.50, for a total value of $631,250.00. Following the completion of the sale, the president now owns 16,010 shares of the company’s stock, valued at $808,505. This trade represents a 43.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Mark G. Whittenburg sold 1,974 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $55.29, for a total value of $109,142.46. Following the transaction, the general counsel now directly owns 7,667 shares in the company, valued at approximately $423,908.43. This represents a 20.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,294 shares of company stock valued at $9,383,685. 3.49% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core & Main

A number of large investors have recently bought and sold shares of CNM. Charles Schwab Investment Management Inc. lifted its position in shares of Core & Main by 7.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,666,765 shares of the company’s stock worth $84,855,000 after purchasing an additional 122,240 shares during the last quarter. Impax Asset Management Group plc lifted its holdings in Core & Main by 70.4% during the 4th quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company’s stock valued at $174,661,000 after buying an additional 1,416,907 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in Core & Main in the 3rd quarter valued at about $774,000. Asset Management One Co. Ltd. grew its stake in Core & Main by 13.1% in the 4th quarter. Asset Management One Co. Ltd. now owns 65,284 shares of the company’s stock worth $3,331,000 after acquiring an additional 7,565 shares in the last quarter. Finally, Truist Financial Corp increased its position in shares of Core & Main by 3.2% during the fourth quarter. Truist Financial Corp now owns 581,845 shares of the company’s stock worth $29,622,000 after acquiring an additional 17,899 shares during the period. Hedge funds and other institutional investors own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.