Deutsche Bank Aktiengesellschaft Has Lowered Expectations for Core & Main (NYSE:CNM) Stock Price

Core & Main (NYSE:CNM) had its price objective decreased by equities research analysts at Deutsche Bank Aktiengesellschaft from $65.00 to $62.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft’s price target suggests a potential upside of 24.99% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. Citigroup boosted their price objective on Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a report on Thursday, January 8th. Barclays reduced their price target on Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Wednesday. Robert W. Baird boosted their price target on Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, December 10th. Wells Fargo & Company upped their price objective on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $63.00 price objective on shares of Core & Main in a research note on Friday, January 9th. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $61.64.

Core & Main Price Performance

NYSE:CNM opened at $49.60 on Wednesday. The firm’s fifty day moving average is $53.98 and its two-hundred day moving average is $52.55. The firm has a market cap of $9.70 billion, a price-to-earnings ratio of 21.47, a PEG ratio of 1.99 and a beta of 0.98. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.35 and a current ratio of 2.63. Core & Main has a one year low of $43.17 and a one year high of $67.18.

Core & Main announced that its board has initiated a stock repurchase program on Tuesday, December 9th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Core & Main

Several institutional investors and hedge funds have recently modified their holdings of CNM. Wolverine Asset Management LLC acquired a new position in shares of Core & Main during the 3rd quarter worth approximately $1,130,000. Thrivent Financial for Lutherans lifted its position in shares of Core & Main by 42.4% during the 2nd quarter. Thrivent Financial for Lutherans now owns 208,499 shares of the company’s stock valued at $12,583,000 after buying an additional 62,096 shares in the last quarter. Jennison Associates LLC grew its stake in Core & Main by 41.7% in the 3rd quarter. Jennison Associates LLC now owns 2,087,166 shares of the company’s stock valued at $112,352,000 after acquiring an additional 614,595 shares during the period. Pembroke Management LTD grew its stake in Core & Main by 26.6% in the 3rd quarter. Pembroke Management LTD now owns 909,216 shares of the company’s stock valued at $48,943,000 after acquiring an additional 190,879 shares during the period. Finally, SG Americas Securities LLC increased its holdings in Core & Main by 286.4% in the 3rd quarter. SG Americas Securities LLC now owns 122,806 shares of the company’s stock worth $6,611,000 after acquiring an additional 91,026 shares in the last quarter. Hedge funds and other 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.