Core & Main (NYSE:CNM) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Core & Main (NYSE:CNM) from a buy rating to a hold rating in a report published on Saturday,Wall Street Zen reports.

Several other equities analysts have also recently issued reports on CNM. Truist Financial reduced their price target on shares of Core & Main from $50.00 to $45.00 and set a “hold” rating on the stock in a research report on Thursday, September 10th. Wells Fargo & Company decreased their price target on shares of Core & Main from $65.00 to $48.00 and set an “overweight” rating for the company in a research note on Thursday, September 10th. Deutsche Bank Aktiengesellschaft set a $55.00 price objective on shares of Core & Main in a report on Thursday, September 10th. Citigroup lowered their price objective on shares of Core & Main from $53.00 to $46.00 and set a “neutral” rating for the company in a report on Friday, September 11th. Finally, Zacks Research cut Core & Main from a “hold” rating to a “strong sell” rating in a research report on Monday, September 14th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Core & Main currently has a consensus rating of “Hold” and a consensus target price of $54.40.

Core & Main Stock Performance

NYSE:CNM opened at $40.64 on Friday. The company has a quick ratio of 1.51, a current ratio of 2.47 and a debt-to-equity ratio of 1.16. The firm’s fifty day simple moving average is $43.32 and its 200 day simple moving average is $46.45. The stock has a market cap of $7.74 billion, a P/E ratio of 16.72, a price-to-earnings-growth ratio of 1.69 and a beta of 0.91. Core & Main has a twelve month low of $39.42 and a twelve month high of $59.66.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Wednesday, September 9th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.91 by $0.03. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. The business had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same period in the prior year, the business earned $0.87 EPS. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, research analysts predict that Core & Main will post 3.00 EPS for the current year.

Hedge Funds Weigh In On Core & Main

A number of institutional investors have recently added to or reduced their stakes in the company. First Trust Advisors LP increased its holdings in shares of Core & Main by 15.3% during the first quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock valued at $302,863,000 after acquiring an additional 812,770 shares in the last quarter. Royal London Asset Management Ltd. raised its position in shares of Core & Main by 12.5% in the 4th quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company’s stock worth $295,636,000 after purchasing an additional 632,077 shares during the last quarter. KBC Group NV raised its position in shares of Core & Main by 4.5% in the 1st quarter. KBC Group NV now owns 2,737,992 shares of the company’s stock worth $135,257,000 after purchasing an additional 119,076 shares during the last quarter. Bessemer Group Inc. boosted its stake in Core & Main by 2.8% in the 1st quarter. Bessemer Group Inc. now owns 2,663,161 shares of the company’s stock worth $131,561,000 after purchasing an additional 72,712 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Core & Main by 6.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,661,022 shares of the company’s stock worth $131,425,000 after purchasing an additional 152,077 shares in the last quarter. Institutional investors own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc (NYSE: CNM) is a specialized distributor of infrastructure products serving the water, wastewater, storm drainage, fire protection and related utility markets. The company supplies products used to build, repair and maintain essential public and private infrastructure across the United States.

Its product portfolio includes ductile iron and plastic pipe, valves, hydrants, water meters, fittings, and other waterworks components. Core & Main also distributes stormwater drainage products, fire protection equipment and related solutions.