Bank of America Lowers Core & Main (NYSE:CNM) Price Target to $34.00

Core & Main (NYSE:CNM) had its price target reduced by investment analysts at Bank of America from $38.00 to $34.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Bank of America‘s price target suggests a potential downside of 12.80% from the stock’s previous close.

CNM has been the subject of several other research reports. JPMorgan Chase & Co. reduced their price objective on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $60.00 price objective on shares of Core & Main in a research report on Wednesday, June 5th. Truist Financial cut their price target on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a research note on Thursday. Robert W. Baird dropped their price objective on shares of Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Barclays dropped their price target on Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.55.

Core & Main Trading Down 1.0 %

Shares of NYSE:CNM traded down $0.41 during trading on Thursday, reaching $38.99. 3,811,559 shares of the company were exchanged, compared to its average volume of 2,519,233. The business’s fifty day simple moving average is $50.10 and its 200-day simple moving average is $52.74. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.14 and a quick ratio of 1.23. Core & Main has a 12-month low of $27.75 and a 12-month high of $62.15. The firm has a market capitalization of $7.85 billion, a PE ratio of 18.22, a P/E/G ratio of 1.82 and a beta of 1.06.

Core & Main (NYSE:CNM) last posted 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 net margin of 5.53% and a return on equity of 20.01%. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the prior year, the firm posted $0.66 EPS. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, research analysts anticipate that Core & Main will post 2.32 EPS for the current year.

Insider Buying and Selling

In related news, Director James G. Castellano sold 12,500 shares of Core & Main stock in a transaction that occurred 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 transaction, the director now owns 11,769 shares in the company, valued at $614,577.18. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 3.49% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core & Main

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNM. Rise Advisors LLC purchased a new position in shares of Core & Main during the first quarter worth $27,000. ORG Partners LLC purchased a new position in Core & Main during the 1st quarter valued at about $38,000. Quadrant Capital Group LLC grew its position in Core & Main by 74.5% in the 4th quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock valued at $35,000 after acquiring an additional 365 shares in the last quarter. Principal Securities Inc. acquired a new stake in Core & Main during the 4th quarter worth approximately $43,000. Finally, Brown Brothers Harriman & Co. purchased a new position in Core & Main in the second quarter valued at $76,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Company Profile

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.