Core & Main (NYSE:CNM) Price Target Cut to $53.00

Core & Main (NYSE:CNM) had its price objective cut by Royal Bank of Canada from $60.00 to $53.00 in a research note published on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages have also recently commented on CNM. Robert W. Baird dropped their price target on Core & Main from $62.00 to $53.00 and set an outperform rating for the company in a research report on Thursday. Barclays dropped their price target on Core & Main from $65.00 to $57.00 and set an overweight rating for the company in a research report on Thursday. Bank of America lowered their price objective on Core & Main from $38.00 to $34.00 and set an underperform rating on the stock in a research note on Thursday. Loop Capital lowered their price objective on Core & Main from $64.00 to $52.00 and set a buy rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. lowered their price objective 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 research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $49.30.

Core & Main Stock Up 0.1 %

Shares of CNM opened at $38.05 on Thursday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 2.14. Core & Main has a one year low of $27.75 and a one year high of $62.15. The stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of 17.78, a PEG ratio of 1.82 and a beta of 1.04. The stock has a 50 day moving average price of $49.66 and a 200 day moving average price of $52.70.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.13). Core & Main had a return on equity of 20.01% and a net margin of 5.53%. The firm had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter in the previous year, the firm posted $0.66 earnings per share. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. Equities research analysts forecast that Core & Main will post 2.32 earnings per share for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Core & Main

Several large investors have recently modified their holdings of the business. Rise Advisors LLC purchased a new stake in shares of Core & Main in the 1st quarter valued at $27,000. ORG Partners LLC purchased a new stake in shares of Core & Main in the 1st quarter valued at $38,000. Quadrant Capital Group LLC raised its holdings in shares of Core & Main by 74.5% in the 4th quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock valued at $35,000 after buying an additional 365 shares during the period. Principal Securities Inc. purchased a new stake in shares of Core & Main in the 4th quarter valued at $43,000. Finally, Brown Brothers Harriman & Co. purchased a new stake in shares of Core & Main in the 2nd quarter valued at $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.