Core & Main (NYSE:CNM) Price Target Raised to $65.00

Core & Main (NYSE:CNM) had its target price increased by Wells Fargo & Company from $62.00 to $65.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other analysts also recently issued reports about the stock. Robert W. Baird lifted their price objective on shares of Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Barclays lifted their price objective on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Citigroup lifted their price objective on shares of Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, January 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $62.00 price objective (up from $53.00) on shares of Core & Main in a report on Wednesday, December 4th. Finally, Truist Financial lifted their price objective on shares of Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. One 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 data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.60.

Core & Main Stock Performance

Shares of CNM opened at $55.32 on Tuesday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. Core & Main has a twelve month low of $37.22 and a twelve month high of $62.15. The firm’s 50 day moving average price is $53.20 and its two-hundred day moving average price is $48.53. The firm has a market cap of $10.99 billion, a P/E ratio of 25.97, a PEG ratio of 3.12 and a beta of 1.03.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm had revenue of $2.04 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same quarter in the previous year, the firm posted $0.65 earnings per share. The business’s revenue was up 11.5% on a year-over-year basis. On average, analysts forecast that Core & Main will post 2.16 EPS for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Mark G. Whittenburg sold 50,000 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $50.49, for a total value of $2,524,500.00. Following the transaction, the general counsel now directly owns 7,667 shares of the company’s stock, valued at $387,106.83. This represents a 86.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Bradford A. Cowles sold 12,500 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $50.50, for a total transaction of $631,250.00. Following the completion of the transaction, the president now directly owns 16,010 shares in the company, valued at $808,505. The trade was a 43.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 427,426 shares of company stock worth $22,923,825. 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 CNM. Ashton Thomas Securities LLC bought a new position in shares of Core & Main in the third quarter valued at about $26,000. ORG Wealth Partners LLC bought a new position in shares of Core & Main in the third quarter valued at about $31,000. Avior Wealth Management LLC raised its position in shares of Core & Main by 51.3% in the fourth quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock valued at $41,000 after purchasing an additional 271 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Core & Main in the third quarter valued at about $49,000. Finally, UMB Bank n.a. grew its stake in shares of Core & Main by 246.0% in the fourth quarter. UMB Bank n.a. now owns 962 shares of the company’s stock valued at $49,000 after acquiring an additional 684 shares in the last quarter. 94.19% of the stock is owned by institutional investors.

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.