Citigroup Forecasts Strong Price Appreciation for Core & Main (NYSE:CNM) Stock

Core & Main (NYSE:CNM) had its price objective boosted by stock analysts at Citigroup from $43.00 to $56.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective indicates a potential upside of 8.95% from the company’s previous close.

Several other brokerages have also commented on CNM. Royal Bank of Canada reiterated an “outperform” rating and set a $62.00 price objective (up previously from $53.00) on shares of Core & Main in a report on Wednesday, December 4th. Wells Fargo & Company increased their price target on Core & Main from $52.00 to $62.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Robert W. Baird upped their price objective on shares of Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Truist Financial lifted their target price on shares of Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research note 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 research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Core & Main presently has an average rating of “Moderate Buy” and a consensus price target of $57.30.

Core & Main Stock Down 1.3 %

Shares of CNM traded down $0.69 during trading hours on Monday, hitting $51.40. The company had a trading volume of 709,948 shares, compared to its average volume of 1,340,323. 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 company has a market capitalization of $10.21 billion, a PE ratio of 24.13, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. Core & Main has a one year low of $37.22 and a one year high of $62.15. The company’s fifty day moving average price is $48.43 and its two-hundred day moving average price is $47.75.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.65 by $0.04. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same period in the prior year, the firm posted $0.65 earnings per share. The company’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, equities analysts forecast that Core & Main will post 2.16 earnings per share for the current fiscal year.

Insider Activity

In other news, President Bradford A. Cowles sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $55.07, for a total transaction of $2,753,500.00. Following the sale, the president now owns 18,423 shares of the company’s stock, valued at $1,014,554.61. This trade represents a 73.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Stephen O. Leclair sold 200,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the completion of the transaction, the chief executive officer now owns 92,349 shares of the company’s stock, valued at approximately $5,068,113.12. This represents a 68.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 290,000 shares of company stock valued at $15,926,000 in the last quarter. 3.49% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in shares of Core & Main in the 3rd quarter valued at about $26,000. ORG Wealth Partners LLC acquired a new stake in Core & Main in the third quarter valued at approximately $31,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Core & Main in the third quarter valued at approximately $49,000. GAMMA Investing LLC raised its stake in shares of Core & Main by 61.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after buying an additional 511 shares during the period. Finally, Brown Brothers Harriman & Co. purchased a new position in shares of Core & Main during the 2nd quarter valued at approximately $76,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

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.