Barclays Cuts Core & Main (NYSE:CNM) Price Target to $57.00

Core & Main (NYSE:CNM) had its price objective cut by Barclays from $65.00 to $57.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also issued reports on CNM. Robert W. Baird dropped their price target on shares of Core & Main from $62.00 to $53.00 and set an outperform rating for the company in a research note on Thursday. JPMorgan Chase & Co. cut their target price on shares of Core & Main from $54.00 to $52.00 and set an overweight rating on the stock in a research note on Tuesday, September 3rd. Truist Financial decreased their price target on Core & Main from $50.00 to $38.00 and set a hold rating for the company in a research note on Thursday. Finally, Royal Bank of Canada restated an outperform rating and set a $60.00 price objective on shares of Core & Main in a research note on Wednesday, June 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Core & Main has an average rating of Moderate Buy and an average target price of $49.30.

Core & Main Stock Performance

Core & Main stock opened at $38.05 on Thursday. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.14 and a quick ratio of 1.23. The firm’s fifty day moving average price is $49.66 and its 200 day moving average price is $52.65. The company has a market capitalization of $7.67 billion, a price-to-earnings ratio of 17.78, a price-to-earnings-growth ratio of 1.82 and a beta of 1.04. Core & Main has a 12-month low of $27.75 and a 12-month high of $62.15.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.13). Core & Main had a return on equity of 20.01% and a net margin of 5.53%. The business had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same quarter last year, the firm posted $0.66 EPS. The company’s revenue was up 5.5% compared to the same quarter last year. On average, research analysts forecast that Core & Main will post 2.32 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director James G. Castellano sold 12,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $52.22, for a total transaction of $652,750.00. Following the completion of the transaction, the director now directly owns 11,769 shares in the company, valued at approximately $614,577.18. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 3.49% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rise Advisors LLC acquired a new position in shares of Core & Main during the first quarter worth approximately $27,000. Quadrant Capital Group LLC grew its stake in shares of Core & Main by 74.5% in the fourth quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock worth $35,000 after purchasing an additional 365 shares in the last quarter. ORG Partners LLC acquired a new position in shares of Core & Main during the first quarter valued at $38,000. Principal Securities Inc. bought a new stake in shares of Core & Main during the fourth quarter valued at about $43,000. Finally, Brown Brothers Harriman & Co. acquired a new stake in Core & Main in the second quarter worth about $76,000. 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.