Core & Main, Inc. (NYSE:CNM) Receives $49.30 Consensus PT from Brokerages

Shares of Core & Main, Inc. (NYSE:CNM) have been assigned an average recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $49.30.

Several equities research analysts recently weighed in on CNM shares. Royal Bank of Canada dropped their price target on Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. The Goldman Sachs Group dropped their target price on Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Loop Capital dropped their target price on Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, September 5th. Robert W. Baird dropped their target price on Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. dropped their target price on Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a report on Tuesday, September 3rd.

Core & Main Price Performance

Shares of CNM stock opened at $44.81 on Friday. The firm has a market cap of $9.03 billion, a P/E ratio of 20.94, a P/E/G ratio of 2.52 and a beta of 1.04. Core & Main has a fifty-two week low of $27.75 and a fifty-two week high of $62.15. The business’s 50 day moving average price is $48.30 and its 200-day moving average price is $52.27. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.34 and a current ratio of 2.29.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.13). Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The firm had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the prior year, the firm earned $0.66 earnings per share. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, equities research analysts anticipate that Core & Main will post 2.1 earnings per share for the current year.

Core & Main declared that its board has authorized a stock buyback program on Wednesday, June 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 6.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Core & Main

In related 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 transaction of $652,750.00. Following the completion of the sale, the director now owns 11,769 shares in the company, valued at $614,577.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.49% of the stock is owned by company insiders.

Institutional Trading of Core & Main

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new stake in Core & Main in the fourth quarter worth about $69,282,000. Forest Avenue Capital Management LP purchased a new stake in Core & Main in the fourth quarter worth about $13,085,000. Chesapeake Capital Corp IL purchased a new stake in Core & Main in the fourth quarter worth about $962,000. American International Group Inc. increased its position in Core & Main by 20,185.1% in the fourth quarter. American International Group Inc. now owns 184,594 shares of the company’s stock worth $7,459,000 after buying an additional 183,684 shares in the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in Core & Main in the first quarter worth about $29,731,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Company Profile

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.