Royal Bank of Canada Lowers Core & Main (NYSE:CNM) Price Target to $60.00

Core & Main (NYSE:CNM) had its price objective lowered by equities researchers at Royal Bank of Canada from $62.00 to $60.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 18.31% from the stock’s previous close.

Several other brokerages have also commented on CNM. Robert W. Baird cut their price objective on Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday. Wells Fargo & Company upped their price objective on Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Loop Capital increased their price objective on shares of Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Truist Financial increased their target price on Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Finally, Barclays upped their price target on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. One equities research 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, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.30.

Core & Main Trading Up 2.4 %

CNM stock traded up $1.19 during midday trading on Wednesday, hitting $50.71. The company had a trading volume of 520,234 shares, compared to its average volume of 2,230,206. The stock has a market cap of $10.08 billion, a price-to-earnings ratio of 23.78, a PEG ratio of 2.61 and a beta of 1.05. Core & Main has a 52 week low of $37.22 and a 52 week high of $62.15. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. The stock’s 50 day moving average price is $52.19 and its 200 day moving average price is $48.72.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, March 25th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter last year, the firm posted $0.34 EPS. The business’s quarterly revenue was up 17.9% on a year-over-year basis. As a group, equities research analysts expect that Core & Main will post 2.16 earnings per share for the current fiscal year.

Insider Transactions at Core & Main

In related news, EVP John R. Schaller sold 21,868 shares of Core & Main stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $46.82, for a total transaction of $1,023,859.76. Following the completion of the sale, the executive vice president now owns 16,452 shares in the company, valued at $770,282.64. This trade represents a 57.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Mark G. Whittenburg sold 1,974 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $55.29, for a total transaction of $109,142.46. Following the transaction, the general counsel now directly owns 7,667 shares in the company, valued at $423,908.43. This trade represents a 20.48 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 184,294 shares of company stock worth $9,383,685. 3.49% of the stock is currently owned by insiders.

Institutional Trading of Core & Main

Several hedge funds have recently modified their holdings of the company. US Bancorp DE raised its stake in shares of Core & Main by 12.3% during the 4th quarter. US Bancorp DE now owns 1,795 shares of the company’s stock worth $91,000 after acquiring an additional 197 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in shares of Core & Main by 4.8% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 5,616 shares of the company’s stock worth $286,000 after buying an additional 258 shares during the last quarter. Avior Wealth Management LLC lifted its stake in shares of Core & Main by 51.3% during the fourth quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock worth $41,000 after buying an additional 271 shares during the period. Quadrant Capital Group LLC increased its position in shares of Core & Main by 30.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company’s stock valued at $61,000 after acquiring an additional 278 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in shares of Core & Main by 5.1% in the fourth quarter. CIBC Asset Management Inc now owns 5,871 shares of the company’s stock valued at $299,000 after purchasing an additional 287 shares during the period. 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.