Citigroup Cuts Core & Main (NYSE:CNM) Price Target to $54.00

Core & Main (NYSE:CNM) had its price target dropped by Citigroup from $62.00 to $54.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target indicates a potential upside of 9.05% from the stock’s previous close.

A number of other research firms also recently issued reports on CNM. Barclays decreased their price target on shares of Core & Main from $69.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday. Royal Bank Of Canada decreased their target price on Core & Main from $67.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. dropped their price target on Core & Main from $64.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday. Loop Capital reaffirmed a “hold” rating and issued a $68.00 price target on shares of Core & Main in a research note on Monday, July 28th. Finally, Wells Fargo & Company lowered their price objective on Core & Main from $70.00 to $58.00 and set an “overweight” rating for the company in a research report on Wednesday. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Core & Main has an average rating of “Moderate Buy” and an average target price of $59.30.

Core & Main Stock Performance

NYSE:CNM opened at $49.52 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 2.25 and a debt-to-equity ratio of 1.14. The firm’s fifty day simple moving average is $63.12 and its 200 day simple moving average is $56.02. The stock has a market cap of $9.76 billion, a P/E ratio of 22.11, a price-to-earnings-growth ratio of 1.45 and a beta of 1.04. Core & Main has a twelve month low of $38.66 and a twelve month high of $67.18.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.79 by $0.08. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. The business had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.12 billion. During the same period in the prior year, the business earned $0.61 EPS. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. As a group, research analysts predict that Core & Main will post 2.16 EPS for the current year.

Insiders Place Their Bets

In other news, Director Orvin T. Kimbrough sold 23,962 shares of Core & Main stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $61.77, for a total value of $1,480,132.74. Following the completion of the transaction, the director owned 13,958 shares of the company’s stock, valued at $862,185.66. The trade was a 63.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robyn L. Bradbury sold 5,000 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $64.51, for a total transaction of $322,550.00. Following the completion of the transaction, the chief financial officer owned 8,555 shares in the company, valued at approximately $551,883.05. The trade was a 36.89% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 422,956 shares of company stock valued at $26,343,241. Company insiders own 3.53% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake 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 worth $27,000 after buying an additional 269 shares in the last quarter. Parallel Advisors LLC raised its holdings in Core & Main by 447.1% in the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company’s stock worth $31,000 after acquiring an additional 532 shares during the last quarter. Bfsg LLC lifted its position in Core & Main by 56.4% in the 2nd quarter. Bfsg LLC now owns 560 shares of the company’s stock valued at $34,000 after acquiring an additional 202 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after purchasing an additional 524 shares during the last quarter. Finally, Rossby Financial LCC bought a new stake in shares of Core & Main in the 1st quarter worth $37,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

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.