Core & Main, Inc. (NYSE:CNM) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Core & Main, Inc. (NYSE:CNM) have earned a consensus rating of “Moderate Buy” from the eleven research firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $57.55.

Several brokerages recently commented on CNM. Royal Bank of Canada dropped their price target on Core & Main from $62.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, March 26th. Loop Capital upped 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. Citigroup increased their target price on shares of Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, January 6th. Wells Fargo & Company boosted their price target on shares of Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Finally, Robert W. Baird cut their price objective on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th.

Core & Main Stock Performance

CNM opened at $50.92 on Thursday. The firm’s fifty day simple moving average is $51.46 and its two-hundred day simple moving average is $49.08. Core & Main has a 52-week low of $37.22 and a 52-week high of $62.15. The company has a market cap of $10.12 billion, a price-to-earnings ratio of 23.91, a PEG 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 quarterly earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The company had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the prior year, the business posted $0.34 earnings per share. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. Equities analysts anticipate that Core & Main will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Core & Main news, EVP John R. Schaller sold 60,452 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $50.57, for a total transaction of $3,057,057.64. Following the completion of the transaction, the executive vice president now owns 17,898 shares of the company’s stock, valued at $905,101.86. This trade represents a 77.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Mark G. Whittenburg sold 50,000 shares of Core & Main stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $50.49, for a total transaction of $2,524,500.00. Following the sale, the general counsel now owns 7,667 shares of the company’s stock, valued at approximately $387,106.83. This represents a 86.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 184,294 shares of company stock worth $9,383,685. Company insiders own 3.49% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CNM. Raymond James Financial Inc. acquired a new stake in shares of Core & Main during the fourth quarter worth about $115,555,000. PointState Capital LP acquired a new position in shares of Core & Main in the third quarter valued at approximately $100,013,000. Norges Bank purchased a new stake in Core & Main during the 4th quarter worth approximately $99,734,000. 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 worth $174,661,000 after buying an additional 1,416,907 shares in the last quarter. Finally, Spruce House Investment Management LLC boosted its position in Core & Main by 400.0% in the 3rd quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company’s stock valued at $66,600,000 after buying an additional 1,200,000 shares during the period. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Company Profile

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.