Jefferies Financial Group Begins Coverage on Core & Main (NYSE:CNM)

Equities researchers at Jefferies Financial Group began coverage on shares of Core & Main (NYSE:CNM) in a report issued on Wednesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $53.00 price target on the stock. Jefferies Financial Group‘s price target indicates a potential upside of 17.95% from the stock’s previous close.

A number of other equities research analysts also recently commented on the company. The Goldman Sachs Group reissued a “neutral” rating and issued a $53.00 target price on shares of Core & Main in a report on Thursday, September 10th. Citigroup decreased their target price on shares of Core & Main from $53.00 to $46.00 and set a “neutral” rating on the stock in a research report on Friday, September 11th. Wolfe Research began coverage on shares of Core & Main in a research note on Tuesday, September 15th. They set an “outperform” rating and a $63.00 price target on the stock. Zacks Research downgraded shares of Core & Main from a “hold” rating to a “strong sell” rating in a report on Monday, September 14th. Finally, Robert W. Baird cut their price target on shares of Core & Main from $66.00 to $57.00 and set an “outperform” rating for the company in a report on Thursday, September 10th. Eight 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 data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $54.27.

Core & Main Stock Down 0.5%

CNM opened at $44.94 on Wednesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.47 and a quick ratio of 1.51. The business has a 50 day simple moving average of $42.29 and a 200-day simple moving average of $47.89. The stock has a market capitalization of $8.56 billion, a P/E ratio of 18.49, a P/E/G ratio of 1.89 and a beta of 0.91. Core & Main has a 12 month low of $39.42 and a 12 month high of $59.66.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Wednesday, September 9th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. Core & Main had a return on equity of 25.98% and a net margin of 5.96%. The firm had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the previous year, the business earned $0.87 earnings per share. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, equities analysts anticipate that Core & Main will post 3.00 earnings per share for the current fiscal year.

Institutional Trading of Core & Main

Several institutional investors and hedge funds have recently modified their holdings of the business. First Trust Advisors LP raised its position in shares of Core & Main by 15.3% in the first quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock valued at $302,863,000 after buying an additional 812,770 shares during the last quarter. KBC Group NV lifted its stake in shares of Core & Main by 4.5% during the first quarter. KBC Group NV now owns 2,737,992 shares of the company’s stock valued at $135,257,000 after buying an additional 119,076 shares during the period. Bessemer Group Inc. boosted its position in Core & Main by 2.8% during the first quarter. Bessemer Group Inc. now owns 2,663,161 shares of the company’s stock worth $131,561,000 after acquiring an additional 72,712 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Core & Main by 6.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,661,022 shares of the company’s stock worth $131,425,000 after acquiring an additional 152,077 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Core & Main by 12.6% in the 1st quarter. Bank of New York Mellon Corp now owns 1,231,839 shares of the company’s stock worth $60,853,000 after acquiring an additional 138,115 shares during the period. Hedge funds and other institutional investors own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc is a distributor of specialized products for public and private infrastructure in the United States. The company primarily serves municipalities, contractors, and other customers involved in water, wastewater, storm drainage, and fire protection projects.

Its product offerings include water, sewer, and storm drainage pipe; valves, hydrants, and related waterworks products; fire protection equipment; and geosynthetic and other stormwater management products. Core & Main also provides product expertise, technical support, and related services to help customers plan and complete infrastructure projects.

The company traces its roots to the waterworks distribution business formerly operated by HD Supply.