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

Core & Main, Inc. (NYSE:CNM) has been assigned a consensus rating of “Moderate Buy” from the twelve ratings firms that are presently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $62.00.

CNM has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their target price on shares of Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Royal Bank Of Canada reissued an “outperform” rating and issued a $63.00 price objective on shares of Core & Main in a report on Friday, January 9th. Citigroup increased their target price on shares of Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, January 8th. Finally, Barclays lowered their target price on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Monday, December 1st.

Hedge Funds Weigh In On Core & Main

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital World Investors lifted its position in shares of Core & Main by 294.9% during the 3rd quarter. Capital World Investors now owns 5,948,134 shares of the company’s stock valued at $320,188,000 after acquiring an additional 4,442,047 shares during the period. Norges Bank acquired a new stake in shares of Core & Main during the 4th quarter worth $108,265,000. Holocene Advisors LP bought a new position in shares of Core & Main in the third quarter worth $100,765,000. First Trust Advisors LP increased its position in shares of Core & Main by 38.6% in the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock worth $276,380,000 after purchasing an additional 1,482,235 shares during the period. Finally, Zurich Insurance Group Ltd FI acquired a new position in Core & Main in the third quarter valued at about $67,284,000. 94.19% of the stock is owned by institutional investors and hedge funds.

Core & Main Stock Down 1.3%

CNM stock opened at $47.68 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35. The stock has a market capitalization of $9.32 billion, a price-to-earnings ratio of 21.00, a PEG ratio of 1.90 and a beta of 0.98. The business’s fifty day moving average price is $54.87 and its two-hundred day moving average price is $53.15. Core & Main has a fifty-two week low of $43.17 and a fifty-two week high of $67.18.

Core & Main announced that its Board of Directors has initiated a share buyback program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5% of its shares through open market purchases. Shares buyback programs are usually a sign 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.