Core & Main (NYSE:CNM) Given New $65.00 Price Target at Robert W. Baird

Core & Main (NYSE:CNM) had its target price reduced by Robert W. Baird from $66.00 to $65.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s target price suggests a potential upside of 30.94% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $62.00 target price (up previously from $53.00) on shares of Core & Main in a research note on Wednesday, December 4th. The Goldman Sachs Group raised their price target on Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a research note on Thursday, December 5th. Barclays 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, December 4th. Finally, Citigroup boosted their target price on Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Core & Main has a consensus rating of “Moderate Buy” and an average price target of $57.50.

Core & Main Stock Performance

Shares of CNM stock opened at $49.64 on Wednesday. The firm has a 50 day moving average of $52.19 and a two-hundred day moving average of $48.72. The stock has a market capitalization of $9.86 billion, a PE ratio of 23.31, a P/E/G ratio of 2.61 and a beta of 1.05. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. Core & Main has a 52 week low of $37.22 and a 52 week high of $62.15.

Core & Main (NYSE:CNM) last released its earnings results on Tuesday, March 25th. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.03). Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period in the previous year, the firm earned $0.34 earnings per share. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. On average, research analysts predict that Core & Main will post 2.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Core & Main news, General Counsel Mark G. Whittenburg sold 50,000 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $50.49, for a total transaction of $2,524,500.00. Following the completion of the sale, the general counsel now directly owns 7,667 shares of the company’s stock, valued at approximately $387,106.83. This trade represents a 86.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Bradford A. Cowles sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $50.50, for a total value of $631,250.00. Following the completion of the transaction, the president now directly owns 16,010 shares in the company, valued at approximately $808,505. The trade was a 43.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 184,294 shares of company stock worth $9,383,685 in the last 90 days. Company insiders own 3.49% of the company’s stock.

Hedge Funds Weigh In On Core & Main

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in shares of Core & Main during the 4th quarter worth approximately $115,555,000. PointState Capital LP purchased a new position in Core & Main in the third quarter worth $100,013,000. Norges Bank purchased a new stake in shares of Core & Main during the 4th quarter worth $99,734,000. FMR LLC increased its holdings in 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. Finally, Impax Asset Management Group plc raised its position in Core & Main by 70.4% during the fourth quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company’s stock worth $174,661,000 after acquiring an additional 1,416,907 shares during the last quarter. 94.19% of the stock is currently 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.