Barclays Lowers Core & Main (NYSE:CNM) Price Target to $62.00

Core & Main (NYSE:CNM) had its price target lowered by stock analysts at Barclays from $63.00 to $62.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price objective suggests a potential upside of 24.99% from the stock’s current price.

Several other research firms also recently weighed in on CNM. Robert W. Baird boosted their target price on Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research report on Wednesday, December 10th. Royal Bank Of Canada restated an “outperform” rating and issued a $63.00 price target on shares of Core & Main in a research report on Friday, January 9th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Zacks Research downgraded shares of Core & Main from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 9th. Finally, Wells Fargo & Company raised their target price on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $61.64.

Core & Main Trading Down 1.9%

CNM opened at $49.60 on Wednesday. The stock has a 50-day moving average of $53.98 and a 200 day moving average of $52.55. The company has a current ratio of 2.63, a quick ratio of 1.35 and a debt-to-equity ratio of 1.02. Core & Main has a 12 month low of $43.17 and a 12 month high of $67.18. The firm has a market cap of $9.70 billion, a P/E ratio of 21.47, a P/E/G ratio of 1.99 and a beta of 0.98.

Core & Main announced that its Board of Directors has initiated a share buyback plan on Tuesday, December 9th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Core & Main

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. TD Waterhouse Canada Inc. bought a new position in Core & Main in the 4th quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its holdings in shares of 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 purchasing an additional 269 shares during the period. Whittier Trust Co. purchased a new stake in shares of Core & Main in the fourth quarter valued at approximately $28,000. Cubist Systematic Strategies LLC grew its stake in Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after purchasing an additional 524 shares in the last quarter. Finally, Quarry LP bought a new position in Core & Main in the fourth quarter worth approximately $38,000. Institutional investors own 94.19% of the company’s stock.

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.