Core & Main (NYSE:CNM) Price Target Cut to $53.00 by Analysts at Royal Bank of Canada

Core & Main (NYSE:CNM) had its price objective decreased by Royal Bank of Canada from $60.00 to $53.00 in a research note released on Thursday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Other equities research analysts have also issued research reports about the company. Loop Capital decreased their price target on Core & Main from $64.00 to $52.00 and set a buy rating on the stock in a research note on Thursday. Robert W. Baird decreased their target price on Core & Main from $62.00 to $53.00 and set an outperform rating on the stock in a research report on Thursday. Truist Financial lowered their target price on Core & Main from $50.00 to $38.00 and set a hold rating on the stock in a report on Thursday. Barclays cut their price target on Core & Main from $65.00 to $57.00 and set an overweight rating for the company in a research note on Thursday. Finally, Bank of America lowered their price objective on shares of Core & Main from $38.00 to $34.00 and set an underperform rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $48.82.

Core & Main Trading Down 3.6 %

Shares of CNM stock opened at $37.99 on Thursday. Core & Main has a 1-year low of $27.75 and a 1-year high of $62.15. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.14 and a quick ratio of 1.23. The business’s fifty day moving average price is $49.88 and its 200 day moving average price is $52.64. The firm has a market capitalization of $7.65 billion, a PE ratio of 17.75, a P/E/G ratio of 1.82 and a beta of 1.06.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). The company had revenue of $1.96 billion for the quarter, compared to analyst estimates of $2.05 billion. Core & Main had a return on equity of 20.01% and a net margin of 5.53%. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the company earned $0.66 earnings per share. As a group, sell-side analysts forecast that Core & Main will post 2.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director James G. Castellano sold 12,500 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $52.22, for a total transaction of $652,750.00. Following the transaction, the director now directly owns 11,769 shares in the company, valued at approximately $614,577.18. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.49% of the stock is owned by corporate insiders.

Institutional Trading of Core & Main

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Core & Main by 35.2% during the first quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock valued at $1,038,457,000 after acquiring an additional 4,721,510 shares during the period. Select Equity Group L.P. lifted its stake in shares of Core & Main by 0.3% in the 2nd quarter. Select Equity Group L.P. now owns 15,426,777 shares of the company’s stock valued at $754,986,000 after purchasing an additional 39,475 shares in the last quarter. Capital International Investors grew its holdings in shares of Core & Main by 470.6% during the 1st quarter. Capital International Investors now owns 5,093,278 shares of the company’s stock worth $291,590,000 after purchasing an additional 4,200,591 shares during the period. Pacer Advisors Inc. increased its position in Core & Main by 37.1% during the 2nd quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock worth $205,974,000 after purchasing an additional 1,137,817 shares in the last quarter. Finally, Anomaly Capital Management LP increased its position in Core & Main by 35.9% during the 2nd quarter. Anomaly Capital Management LP now owns 3,608,523 shares of the company’s stock worth $176,601,000 after purchasing an additional 953,489 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Company Profile

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.