Core & Main, Inc. (NYSE:CNM) Receives Average Recommendation of “Moderate Buy” from Brokerages

Core & Main, Inc. (NYSE:CNM) has received an average rating of “Moderate Buy” from the ten brokerages that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $51.20.

A number of equities analysts have issued reports on CNM shares. Wells Fargo & Company started coverage on shares of Core & Main in a research report on Monday, September 23rd. They set an “overweight” rating and a $52.00 target price for the company. Loop Capital cut their price objective on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. lowered 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. Truist Financial cut their price target on Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, September 5th. Finally, Barclays decreased their price objective on Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, September 5th.

Core & Main Price Performance

Shares of NYSE:CNM opened at $46.35 on Thursday. The firm has a market capitalization of $9.34 billion, a price-to-earnings ratio of 21.66, a price-to-earnings-growth ratio of 2.83 and a beta of 1.02. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. The business’s 50 day simple moving average is $45.47 and its 200-day simple moving average is $51.05. Core & Main has a 12 month low of $29.13 and a 12 month high of $62.15.

Core & Main (NYSE:CNM) last posted its 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 firm had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.05 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period last year, the company posted $0.66 EPS. As a group, equities analysts forecast that Core & Main will post 2.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Core & Main

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Core & Main by 35.2% during the 1st quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock valued at $1,038,457,000 after acquiring an additional 4,721,510 shares during the last quarter. Capital International Investors increased its position in Core & Main by 470.6% during the first quarter. Capital International Investors now owns 5,093,278 shares of the company’s stock worth $291,590,000 after purchasing an additional 4,200,591 shares during the last quarter. Bessemer Group Inc. raised its stake in Core & Main by 915.9% during the first quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock worth $148,073,000 after purchasing an additional 2,331,802 shares during the period. Swedbank AB acquired a new position in shares of Core & Main in the 1st quarter valued at $98,876,000. Finally, Artemis Investment Management LLP increased its holdings in shares of Core & Main by 148.0% during the 1st quarter. Artemis Investment Management LLP now owns 2,650,209 shares of the company’s stock worth $151,655,000 after buying an additional 1,581,389 shares during the last quarter. 94.19% of the stock is currently owned by hedge funds and other 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.