Core & Main, Inc. (NYSE:CNM) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Core & Main, Inc. (NYSE:CNM) have received an average recommendation of “Moderate Buy” from the twelve brokerages that are currently covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $62.00.

A number of research analysts recently weighed in on CNM shares. Citigroup raised their price target on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Barclays dropped their target price on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Monday, December 1st. Royal Bank Of Canada restated an “outperform” rating and issued a $63.00 target price on shares of Core & Main in a research note on Friday, January 9th. Wells Fargo & Company upped their target price on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Finally, Zacks Research upgraded Core & Main from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 31st.

Hedge Funds Weigh In On Core & Main

Hedge funds and other institutional investors have recently made changes to their positions in the stock. TD Waterhouse Canada Inc. purchased a new stake in Core & Main during the fourth quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its stake in Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after acquiring an additional 269 shares during the last quarter. Whittier Trust Co. bought a new position in shares of Core & Main during the 4th quarter valued at approximately $28,000. Cubist Systematic Strategies LLC increased its stake in shares of Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after purchasing an additional 524 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its stake in shares of Core & Main by 815.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 641 shares of the company’s stock worth $39,000 after purchasing an additional 571 shares during the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Stock Down 3.6%

Shares of NYSE:CNM opened at $55.09 on Wednesday. The business’s 50 day moving average is $53.20 and its 200 day moving average is $55.63. Core & Main has a 12-month low of $43.17 and a 12-month high of $67.18. The stock has a market cap of $10.77 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 2.27 and a beta of 0.98. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04.

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

Core & Main announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 9th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

Core & Main Company Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.