Wells Fargo & Company Cuts Core & Main (NYSE:CNM) Price Target to $55.00

Core & Main (NYSE:CNM) had its price target lowered by Wells Fargo & Company from $60.00 to $55.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities analysts have also recently commented on the company. Barclays cut their price target on Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 1st. Zacks Research upgraded Core & Main from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. The Goldman Sachs Group decreased their price target on shares of Core & Main from $68.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, September 12th. Truist Financial lowered their price target on shares of Core & Main from $56.00 to $50.00 and set a “hold” rating on the stock in a report on Thursday, September 11th. Finally, Citigroup reduced their price objective on shares of Core & Main from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Wednesday, September 10th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and an average target price of $60.00.

Core & Main Price Performance

NYSE:CNM opened at $50.27 on Thursday. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.30. Core & Main has a one year low of $43.17 and a one year high of $67.18. The company has a fifty day moving average price of $50.43 and a 200 day moving average price of $56.39. The stock has a market cap of $9.92 billion, a P/E ratio of 22.44, a PEG ratio of 1.97 and a beta of 0.98.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Tuesday, September 9th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.08. The company had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.12 billion. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period last year, the business posted $0.61 EPS. Analysts anticipate that Core & Main will post 2.16 earnings per share for the current year.

Institutional Investors Weigh In On Core & Main

A number of large investors have recently bought and sold shares of CNM. Natixis Advisors LLC boosted its position in Core & Main by 6.3% in the 1st quarter. Natixis Advisors LLC now owns 55,938 shares of the company’s stock valued at $2,703,000 after buying an additional 3,316 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Core & Main by 24.0% in the first quarter. PNC Financial Services Group Inc. now owns 5,326 shares of the company’s stock worth $257,000 after purchasing an additional 1,032 shares during the period. New Age Alpha Advisors LLC raised its holdings in Core & Main by 6.7% during the 1st quarter. New Age Alpha Advisors LLC now owns 25,727 shares of the company’s stock worth $1,243,000 after purchasing an additional 1,618 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Core & Main by 6.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,781,525 shares of the company’s stock valued at $86,065,000 after purchasing an additional 114,760 shares during the period. Finally, Altfest L J & Co. Inc. boosted its stake in shares of Core & Main by 43.3% in the 1st quarter. Altfest L J & Co. Inc. now owns 7,217 shares of the company’s stock valued at $349,000 after purchasing an additional 2,179 shares during the last quarter. 94.19% of the stock is currently 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.