JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Core & Main (NYSE:CNM) Stock

Core & Main (NYSE:CNM) had its target price lifted by investment analysts at JPMorgan Chase & Co. from $58.00 to $59.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 3.91% from the company’s current price.

Several other equities analysts have also recently weighed in on the company. Truist Financial reduced their price target on Core & Main from $56.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, September 11th. Barclays reduced their target price 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 raised shares of Core & Main from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Robert W. Baird raised their price objective on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Citigroup decreased their target price on shares of Core & Main from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Wednesday, September 10th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $60.82.

Core & Main Stock Performance

NYSE CNM opened at $56.78 on Wednesday. The firm has a market cap of $11.21 billion, a P/E ratio of 25.01, a price-to-earnings-growth ratio of 2.15 and a beta of 0.98. The company has a quick ratio of 1.30, a current ratio of 2.26 and a debt-to-equity ratio of 1.04. The company’s 50 day moving average is $50.45 and its 200-day moving average is $56.38. Core & Main has a 12-month low of $43.17 and a 12-month high of $67.18.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Tuesday, December 9th. The company reported $0.72 EPS for the quarter, hitting the consensus estimate of $0.72. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The company had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.06 billion. During the same period last year, the firm earned $0.69 EPS. Core & Main’s revenue for the quarter was up 1.2% on a year-over-year basis. Sell-side analysts predict that Core & Main will post 2.16 earnings per share for the current year.

Core & Main declared that its board has approved a share buyback program on Tuesday, December 9th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Core & Main

A number of hedge funds have recently made changes to their positions in the stock. Capital World Investors grew its position in Core & Main by 294.9% in the third quarter. Capital World Investors now owns 5,948,134 shares of the company’s stock worth $320,188,000 after acquiring an additional 4,442,047 shares in the last quarter. Norges Bank bought a new stake in Core & Main during the second quarter worth about $116,333,000. Holocene Advisors LP bought a new stake in Core & Main during the third quarter worth about $100,765,000. Zurich Insurance Group Ltd FI purchased a new position in shares of Core & Main in the 3rd quarter worth about $67,284,000. Finally, Schonfeld Strategic Advisors LLC increased its position in shares of Core & Main by 286.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company’s stock valued at $74,276,000 after purchasing an additional 1,022,864 shares during the last quarter. 94.19% of the stock is owned by institutional investors.

About Core & Main

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.