Core & Main (NYSE:CNM) Stock Gets Price Target Cut from Barclays

Core & Main (NYSE:CNM) had its target price cut by Barclays from $61.00 to $60.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also recently commented on the company. Citigroup lowered their target price on Core & Main from $53.00 to $46.00 and set a “neutral” rating on the stock in a research report on Friday, September 11th. Robert W. Baird reduced their price target on Core & Main from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Wednesday. Wolfe Research began coverage on Core & Main in a research report on Tuesday, September 15th. They set an “outperform” rating and a $63.00 price target for the company. Wells Fargo & Company decreased their price target on Core & Main from $65.00 to $48.00 and set an “overweight” rating for the company in a research note on Thursday, September 10th. Finally, Northcoast Research lowered Core & Main from a “buy” rating to a “neutral” rating in a report on Wednesday, August 26th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Core & Main presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.09.

Core & Main Stock Performance

Shares of CNM stock opened at $44.99 on Wednesday. The company has a quick ratio of 1.51, a current ratio of 2.47 and a debt-to-equity ratio of 1.16. The business has a 50 day moving average of $42.80 and a two-hundred day moving average of $47.45. Core & Main has a 52 week low of $39.42 and a 52 week high of $59.66. The company has a market cap of $8.57 billion, a P/E ratio of 18.51, a PEG ratio of 1.80 and a beta of 0.91.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Wednesday, September 9th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.03. The firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.14 billion. Core & Main had a return on equity of 25.98% and a net margin of 5.96%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.87 EPS. As a group, analysts anticipate that Core & Main will post 2.97 EPS for the current year.

Institutional Investors Weigh In On Core & Main

Institutional investors and hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC acquired a new stake in shares of Core & Main during the 1st quarter valued at about $40,217,000. First Trust Advisors LP grew its stake in shares of Core & Main by 15.3% in the 1st quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock valued at $302,863,000 after buying an additional 812,770 shares in the last quarter. Bornite Capital Management LP acquired a new position in Core & Main in the second quarter worth approximately $36,622,000. Impax Asset Management Group plc increased its holdings in Core & Main by 14.9% in the third quarter. Impax Asset Management Group plc now owns 4,829,730 shares of the company’s stock worth $200,337,000 after buying an additional 626,112 shares during the last quarter. Finally, Boston Trust Walden Corp increased its holdings in Core & Main by 177.8% in the third quarter. Boston Trust Walden Corp now owns 439,722 shares of the company’s stock worth $18,240,000 after buying an additional 281,441 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc. is a distributor of products and services used in water, wastewater, storm drainage, and fire protection infrastructure. Its customers include municipalities, water utilities, contractors, and other commercial and industrial organizations. The company offers products such as pipe, valves, fittings, hydrants, meters, and related supplies. It also provides services supporting infrastructure projects, including product fabrication and technical assistance. Based in St. Louis, Missouri, Core & Main serves customers across the United States through a network of branches.