Analysts Set Core & Main, Inc. (NYSE:CNM) PT at $56.70

Core & Main, Inc. (NYSE:CNM) has been assigned an average rating of “Moderate Buy” from the thirteen analysts that are currently covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $54.90.

Several analysts have issued reports on the stock. Wall Street Zen downgraded shares of Core & Main from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Truist Financial reduced their target price on shares of Core & Main from $50.00 to $45.00 and set a “hold” rating on the stock in a research report on Thursday. Citigroup decreased their target price on shares of Core & Main from $53.00 to $46.00 and set a “neutral” rating for the company in a research note on Friday. Robert W. Baird lowered their price target on shares of Core & Main from $66.00 to $57.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Royal Bank Of Canada dropped their price target on shares of Core & Main from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Thursday.

Key Headlines Impacting Core & Main

Here are the key news stories impacting Core & Main this week:

• Positive Sentiment: Core & Main reported second-quarter adjusted earnings of $0.94 per share, above the $0.91 analyst consensus, while revenue increased 2.5% year over year to approximately $2.15 billion. The results indicate continued profitability and modest sales growth. Core & Main Q2 adjusted earnings beat estimates as revenue rises 2.5%
• Positive Sentiment: Robert W. Baird maintained an “outperform” rating, with its $57 price target still implying substantial potential upside from current levels, despite reducing the target from $66. Baird lowers Core & Main price target
• Neutral Sentiment: Brokerages continue to assign Core & Main a consensus “Moderate Buy” rating, suggesting analysts remain constructive overall, although recent target reductions indicate less confidence in near-term upside. Core & Main receives Moderate Buy consensus
• Negative Sentiment: Shares fell to a two-year low amid investor concerns that organic growth is weakening. The market appears to be questioning whether Core & Main can sustain growth beyond acquisitions and favorable comparisons. Core & Main slides on organic growth concerns
• Negative Sentiment: Analysts lowered their forecasts following the second-quarter report. Truist cut its target to $45 from $50 and kept a “hold” rating, while Baird reduced its target to $57 from $66. The revisions signal that the earnings beat did not fully offset concerns about the company’s outlook. Truist cuts Core & Main price target

Insiders Place Their Bets

In other Core & Main news, Director James Hope bought 2,067 shares of the stock in a transaction dated Monday, July 6th. The stock was bought at an average cost of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the purchase, the director directly owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. The trade was a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. California State Teachers Retirement System raised its position in shares of Core & Main by 22.3% during the 1st quarter. California State Teachers Retirement System now owns 219,934 shares of the company’s stock valued at $10,865,000 after acquiring an additional 40,050 shares in the last quarter. KBC Group NV boosted its holdings in Core & Main by 4.5% in the first quarter. KBC Group NV now owns 2,737,992 shares of the company’s stock worth $135,257,000 after purchasing an additional 119,076 shares during the period. WINTON GROUP Ltd boosted its holdings in Core & Main by 177.4% in the fourth quarter. WINTON GROUP Ltd now owns 33,015 shares of the company’s stock worth $1,716,000 after purchasing an additional 21,113 shares during the period. Fox Hill Wealth Management bought a new stake in Core & Main during the fourth quarter valued at $2,798,000. Finally, Fifth Third Bancorp increased its stake in Core & Main by 742.6% during the first quarter. Fifth Third Bancorp now owns 66,014 shares of the company’s stock valued at $3,261,000 after purchasing an additional 58,179 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Price Performance

Shares of NYSE CNM opened at $40.50 on Thursday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.47 and a quick ratio of 1.31. Core & Main has a 1-year low of $40.41 and a 1-year high of $59.66. The company has a market capitalization of $7.84 billion, a price-to-earnings ratio of 16.67, a PEG ratio of 1.40 and a beta of 0.91. The business has a 50-day moving average of $44.48 and a 200-day moving average of $47.83.

Core & Main (NYSE:CNM) last announced its earnings results on Wednesday, September 9th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.91 by $0.03. The business had revenue of $2.15 billion for 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 company’s revenue was up 2.5% on a year-over-year basis. During the same period last year, the business posted $0.87 EPS. On average, equities analysts anticipate that Core & Main will post 3 EPS for the current fiscal year.

Core & Main Company Profile

Core & Main, Inc (NYSE: CNM) is a specialized distributor of water, wastewater, storm drainage and fire protection products in the United States. The company supplies infrastructure materials used in the construction, maintenance and repair of public and private utility systems.

Its product offerings include ductile iron and PVC pipe, valves, hydrants, water meters, storm drainage systems, pipe fittings, fire protection equipment and related products. Core & Main also provides services such as product sourcing, technical support, fabrication, field assistance and inventory management to help customers complete infrastructure projects.

Core & Main serves municipalities, utility contractors, water and wastewater authorities, private water companies, civil and site-development contractors, and other industrial customers through a nationwide distribution network.