Core & Main (NYSE:CNM) Share Price Breaks Below Two Hundred Day Moving Average – What’s Next?

Shares of Core & Main, Inc. (NYSE:CNM) passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $47.79 and traded as low as $46.32. Core & Main shares last traded at $46.9260, with a volume of 3,434,191 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CNM. Wells Fargo & Company dropped their price objective on Core & Main from $65.00 to $48.00 and set an “overweight” rating on the stock in a research note on Thursday, September 10th. Citigroup decreased their target price on Core & Main from $53.00 to $46.00 and set a “neutral” rating for the company in a research note on Friday, September 11th. Robert W. Baird lowered their target price on Core & Main from $66.00 to $57.00 and set an “outperform” rating on the stock in a report on Thursday, September 10th. Barclays dropped their price target on shares of Core & Main from $62.00 to $61.00 and set an “overweight” rating on the stock in a research report on Thursday, September 10th. Finally, Zacks Research downgraded shares of Core & Main from a “hold” rating to a “strong sell” rating in a report on Monday, September 14th. Eight investment analysts have rated the stock with a Buy rating, five have given 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 “Moderate Buy” and an average target price of $54.27.

Core & Main Stock Down 2.4%

The business has a 50-day moving average price of $42.49 and a 200-day moving average price of $47.73. The company has a market capitalization of $8.73 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 1.89 and a beta of 0.91. The company has a quick ratio of 1.51, a current ratio of 2.47 and a debt-to-equity ratio of 1.16.

Core & Main (NYSE:CNM) last released 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 business had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same quarter last year, the company posted $0.87 EPS. Core & Main’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, equities analysts anticipate that Core & Main, Inc. will post 3.00 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Core & Main

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BankPlus Trust Department purchased a new stake in shares of Core & Main in the third quarter valued at $830,000. Allworth Financial LP grew its holdings in shares of Core & Main by 0.7% during the third quarter. Allworth Financial LP now owns 33,990 shares of the company’s stock valued at $1,410,000 after buying an additional 238 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Core & Main by 2.3% during the third quarter. Russell Investments Group Ltd. now owns 153,549 shares of the company’s stock valued at $6,369,000 after buying an additional 3,517 shares in the last quarter. Maryland State Retirement & Pension System grew its holdings in shares of Core & Main by 17.7% during the third quarter. Maryland State Retirement & Pension System now owns 10,556 shares of the company’s stock valued at $438,000 after buying an additional 1,589 shares in the last quarter. Finally, Fulcrum Asset Management LLP acquired a new position in Core & Main during the third quarter valued at $1,576,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Company Profile

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.