Brokerages Set Core & Main, Inc. (NYSE:CNM) Price Target at $62.00

Shares of Core & Main, Inc. (NYSE:CNM) have been given a consensus recommendation of “Moderate Buy” by the twelve analysts that are presently covering the company, Marketbeat reports. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $62.00.

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their target price on Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Royal Bank Of Canada restated an “outperform” rating and set a $63.00 price target on shares of Core & Main in a research report on Friday, January 9th. Robert W. Baird lifted their price objective on shares of Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 10th. Barclays dropped their target price on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Monday, December 1st. Finally, Wells Fargo & Company raised their price target on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th.

Institutional Trading of Core & Main

Institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC grew its stake in Core & Main by 145.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after buying an additional 269 shares in the last quarter. TD Waterhouse Canada Inc. purchased a new stake in shares of Core & Main during the fourth quarter worth $26,000. Whittier Trust Co. bought a new position in shares of Core & Main in the fourth quarter worth $28,000. Hantz Financial Services Inc. boosted its holdings in shares of Core & Main by 815.7% in the second quarter. Hantz Financial Services Inc. now owns 641 shares of the company’s stock worth $39,000 after acquiring an additional 571 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its holdings in shares of Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after acquiring an additional 524 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Price Performance

Core & Main stock opened at $54.10 on Friday. Core & Main has a 52 week low of $43.17 and a 52 week high of $67.18. The company’s 50 day moving average price is $55.79 and its two-hundred day moving average price is $54.48. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04. The stock has a market cap of $10.58 billion, a P/E ratio of 23.83, a P/E/G ratio of 2.00 and a beta of 0.98.

Core & Main (NYSE:CNM) last released its earnings results on Tuesday, December 9th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.17. The company had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.06 billion. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.Core & Main’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.69 earnings per share. On average, equities analysts predict that Core & Main will post 2.16 earnings per share for the current year.

Core & Main declared that its board has authorized a stock repurchase program on Tuesday, December 9th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Core & Main Company Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.