Royal Bank of Canada Reaffirms Outperform Rating for Core & Main (NYSE:CNM)

Core & Main (NYSE:CNM)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $62.00 target price on the stock, up from their prior target price of $53.00. Royal Bank of Canada’s price objective suggests a potential upside of 13.51% from the company’s previous close.

A number of other research firms have also issued reports on CNM. Barclays boosted their target price on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday. Truist Financial boosted their price objective on Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research report on Wednesday. Loop Capital lowered their target price on Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. JPMorgan Chase & Co. cut their target price on Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 3rd. Finally, The Goldman Sachs Group lowered their price target on Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.10.

Core & Main Stock Down 1.1 %

NYSE:CNM opened at $54.62 on Wednesday. The firm has a market capitalization of $10.99 billion, a PE ratio of 25.64, a price-to-earnings-growth ratio of 3.63 and a beta of 1.04. Core & Main has a 52 week low of $35.70 and a 52 week high of $62.15. The company has a current ratio of 2.14, a quick ratio of 1.34 and a debt-to-equity ratio of 1.36. The stock has a 50 day moving average of $45.25 and a 200-day moving average of $48.11.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04. The firm had revenue of $2.04 billion for the quarter, compared to analyst estimates of $1.99 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period last year, the company earned $0.65 earnings per share. Analysts predict that Core & Main will post 2.1 EPS for the current year.

Insider Buying and Selling

In other Core & Main news, Director Margaret Newman sold 15,000 shares of Core & Main stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $55.25, for a total value of $828,750.00. Following the transaction, the director now owns 11,769 shares in the company, valued at approximately $650,237.25. The trade was a 56.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Bradford A. Cowles sold 50,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $55.07, for a total value of $2,753,500.00. Following the completion of the transaction, the president now directly owns 18,423 shares in the company, valued at $1,014,554.61. This represents a 73.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 290,000 shares of company stock valued at $15,926,000 over the last three months. Company insiders own 3.49% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Select Equity Group L.P. increased its stake in 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 buying an additional 39,475 shares during the period. FMR LLC grew its holdings in shares of Core & Main by 28.0% during the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock valued at $386,151,000 after acquiring an additional 1,903,280 shares in the last quarter. State Street Corp increased its stake in shares of Core & Main by 9.7% in the third quarter. State Street Corp now owns 5,522,009 shares of the company’s stock worth $245,177,000 after acquiring an additional 489,224 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Core & Main by 1.0% during the third quarter. Pacer Advisors Inc. now owns 4,250,219 shares of the company’s stock worth $188,710,000 after acquiring an additional 41,521 shares in the last quarter. Finally, Royal London Asset Management Ltd. boosted its position in Core & Main by 39.9% during the third quarter. Royal London Asset Management Ltd. now owns 3,761,906 shares of the company’s stock valued at $167,029,000 after purchasing an additional 1,073,451 shares during the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

About Core & Main

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.