Deutsche Bank Aktiengesellschaft Cuts Core & Main (NYSE:CNM) Price Target to $62.00

Core & Main (NYSE:CNM) had its price target decreased by Deutsche Bank Aktiengesellschaft from $65.00 to $62.00 in a research report released on Wednesday,Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the stock. Zacks Research downgraded shares of Core & Main from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 9th. Barclays decreased their price target on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Wednesday. Wells Fargo & Company increased their price target on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Citigroup lifted their price objective on Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, January 8th. Finally, Robert W. Baird upped their target price on Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, December 10th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Core & Main currently has an average rating of “Moderate Buy” and an average target price of $61.64.

Core & Main Stock Performance

NYSE:CNM opened at $48.11 on Wednesday. The stock has a market cap of $9.41 billion, a P/E ratio of 20.83, a price-to-earnings-growth ratio of 1.77 and a beta of 0.98. The company has a current ratio of 2.63, a quick ratio of 1.35 and a debt-to-equity ratio of 1.02. The stock’s 50-day moving average is $53.77 and its 200-day moving average is $52.43. Core & Main has a 1-year low of $43.17 and a 1-year high of $67.18.

Core & Main announced that its Board of Directors has approved a stock buyback plan on Tuesday, December 9th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNM. Morgan Stanley increased its holdings in shares of Core & Main by 8.3% during the fourth quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock valued at $758,079,000 after acquiring an additional 1,118,145 shares in the last quarter. Capital World Investors raised its position in shares of Core & Main by 5.8% during the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock worth $327,034,000 after purchasing an additional 344,606 shares during the period. State Street Corp lifted its holdings in shares of Core & Main by 1.0% in the 4th quarter. State Street Corp now owns 5,733,516 shares of the company’s stock worth $297,971,000 after purchasing an additional 54,562 shares in the last quarter. Royal London Asset Management Ltd. grew its position in Core & Main by 12.5% in the 4th quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company’s stock valued at $295,636,000 after purchasing an additional 632,077 shares during the period. Finally, First Trust Advisors LP grew its position in Core & Main by 38.6% in the 4th quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock valued at $276,380,000 after purchasing an additional 1,482,235 shares during the period. Institutional investors own 94.19% of the company’s stock.

Core & Main Company Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.