Wall Street Zen Upgrades Core & Main (NYSE:CNM) to “Buy”

Core & Main (NYSE:CNM) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

Several other analysts have also weighed in on the stock. Citigroup lowered their price objective on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a research note on Thursday, June 11th. William Blair assumed coverage on shares of Core & Main in a research note on Thursday. They set a “market perform” rating on the stock. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $24.00 price target on shares of Core & Main in a report on Thursday, June 11th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.73.

Core & Main Trading Up 0.2%

Shares of CNM stock opened at $43.69 on Friday. Core & Main has a fifty-two week low of $42.50 and a fifty-two week high of $67.18. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.31 and a current ratio of 2.31. The stock has a 50 day simple moving average of $47.31 and a two-hundred day simple moving average of $50.80. The company has a market cap of $8.45 billion, a P/E ratio of 18.51, a PEG ratio of 1.51 and a beta of 0.91.

Insider Buying and Selling

In other Core & Main news, Director James D. Hope acquired 2,067 shares of the company’s stock in a transaction on Monday, July 6th. The shares were purchased at an average cost of $46.01 per share, with a total value of $95,102.67. Following the completion of the purchase, the director owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. This represents a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.51% of the company’s stock.

Hedge Funds Weigh In On Core & Main

Large investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. grew its holdings in Core & Main by 881.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 52,963 shares of the company’s stock worth $2,752,000 after buying an additional 47,569 shares in the last quarter. KBC Group NV lifted its stake in Core & Main by 11.6% during the 4th quarter. KBC Group NV now owns 2,618,916 shares of the company’s stock valued at $136,105,000 after acquiring an additional 272,258 shares in the last quarter. Impax Asset Management Group plc boosted its holdings in Core & Main by 10.8% during the 4th quarter. Impax Asset Management Group plc now owns 2,872,595 shares of the company’s stock worth $149,289,000 after acquiring an additional 279,373 shares during the last quarter. Thomasville National Bank bought a new stake in shares of Core & Main in the 4th quarter worth $11,112,000. Finally, Oak Thistle LLC bought a new stake in shares of Core & Main in the 4th quarter worth $509,000. Institutional investors own 94.19% of the company’s stock.

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.