Core & Main (NYSE:CNM) PT Lowered to $52.00 at Loop Capital

Core & Main (NYSE:CNM) had its price objective cut by Loop Capital from $64.00 to $52.00 in a report issued on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently commented on CNM. Royal Bank of Canada restated an outperform rating and issued a $60.00 price target on shares of Core & Main in a research report on Wednesday, June 5th. Bank of America decreased their target price on shares of Core & Main from $38.00 to $34.00 and set an underperform rating on the stock in a research note on Thursday. Truist Financial dropped their price target on shares of Core & Main from $50.00 to $38.00 and set a hold rating for the company in a research report on Thursday. Barclays lowered their target price on shares of Core & Main from $65.00 to $57.00 and set an overweight rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. cut their price target on Core & Main from $54.00 to $52.00 and set an overweight rating for the company in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $49.30.

Core & Main Price Performance

Shares of NYSE:CNM opened at $38.05 on Thursday. The firm’s 50 day moving average price is $49.66 and its 200-day moving average price is $52.65. The company has a quick ratio of 1.23, a current ratio of 2.14 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $7.67 billion, a PE ratio of 17.78, a price-to-earnings-growth ratio of 1.82 and a beta of 1.04. Core & Main has a twelve month low of $27.75 and a twelve month high of $62.15.

Core & Main (NYSE:CNM) last issued 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). The business had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Core & Main had a return on equity of 20.01% and a net margin of 5.53%. The company’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.66 EPS. Equities research analysts expect that Core & Main will post 2.32 EPS for the current year.

Insider Transactions at Core & Main

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 11,769 shares in the company, valued at approximately $614,577.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.49% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Truist Financial Corp raised its stake in Core & Main by 137.0% during the fourth quarter. Truist Financial Corp now owns 31,347 shares of the company’s stock valued at $1,267,000 after purchasing an additional 18,120 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Core & Main by 300.1% during the 4th quarter. Russell Investments Group Ltd. now owns 94,155 shares of the company’s stock valued at $3,813,000 after buying an additional 70,621 shares in the last quarter. Swiss National Bank lifted its holdings in shares of Core & Main by 5.8% in the 4th quarter. Swiss National Bank now owns 261,500 shares of the company’s stock valued at $10,567,000 after acquiring an additional 14,400 shares during the last quarter. Amalgamated Bank grew its position in Core & Main by 427.2% in the fourth quarter. Amalgamated Bank now owns 103,003 shares of the company’s stock worth $4,162,000 after acquiring an additional 83,465 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in Core & Main by 8.3% during the fourth quarter. National Bank of Canada FI now owns 13,000 shares of the company’s stock worth $515,000 after acquiring an additional 999 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

About Core & Main

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.