Core & Main (NYSE:CNM) Price Target Lowered to $62.00 at Royal Bank Of Canada

Core & Main (NYSE:CNM) had its price target dropped by investment analysts at Royal Bank Of Canada from $67.00 to $62.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price points to a potential upside of 25.20% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Citigroup boosted their price objective on shares of Core & Main from $56.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 10th. Loop Capital reiterated a “hold” rating and set a $68.00 target price on shares of Core & Main in a report on Monday, July 28th. Wells Fargo & Company boosted their price target on Core & Main from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. upped their price objective on Core & Main from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Thursday, September 4th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and a consensus target price of $59.30.

Core & Main Stock Up 2.0%

CNM opened at $49.52 on Wednesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.10. Core & Main has a 12 month low of $38.66 and a 12 month high of $67.18. The stock has a market capitalization of $9.76 billion, a P/E ratio of 22.11, a P/E/G ratio of 1.45 and a beta of 1.04. The business has a 50 day simple moving average of $63.12 and a 200-day simple moving average of $56.02.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.12 billion. During the same quarter in the prior year, the company posted $0.61 earnings per share. Core & Main’s quarterly revenue was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Core & Main will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Stephen O. Leclair sold 80,028 shares of Core & Main stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $62.27, for a total value of $4,983,343.56. Following the completion of the sale, the insider owned 70,736 shares of the company’s stock, valued at $4,404,730.72. The trade was a 53.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James G. Castellano sold 43,994 shares of the company’s stock in a transaction on Friday, July 18th. The shares were sold at an average price of $61.98, for a total value of $2,726,748.12. Following the completion of the transaction, the director owned 4,638 shares of the company’s stock, valued at $287,463.24. The trade was a 90.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 422,956 shares of company stock worth $26,343,241 in the last three months. 3.53% of the stock is currently owned by insiders.

Institutional Trading of Core & Main

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Core & Main in the second quarter worth approximately $116,333,000. Jennison Associates LLC purchased a new position in Core & Main during the first quarter worth approximately $54,742,000. Artemis Investment Management LLP raised its stake in Core & Main by 109.6% during the first quarter. Artemis Investment Management LLP now owns 1,791,935 shares of the company’s stock worth $86,568,000 after purchasing an additional 936,863 shares during the period. Nuveen LLC acquired a new position in shares of Core & Main in the 1st quarter valued at $44,028,000. Finally, Fernbridge Capital Management LP grew its stake in shares of Core & Main by 180.4% during the 2nd quarter. Fernbridge Capital Management LP now owns 1,071,238 shares of the company’s stock valued at $64,649,000 after buying an additional 689,228 shares during the period. 94.19% of the stock is owned by institutional investors and hedge funds.

Core & Main Company Profile

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.