Core & Main (NYSE:CNM) Raised to Strong-Buy at Zacks Research

Core & Main (NYSE:CNM) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Several other equities analysts have also recently weighed in on CNM. Royal Bank Of Canada decreased their target price on shares of Core & Main from $67.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday, September 10th. The Goldman Sachs Group cut their target price on shares of Core & Main from $68.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, September 12th. Deutsche Bank Aktiengesellschaft boosted their price target on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. JPMorgan Chase & Co. raised their price objective on Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Finally, UBS Group began coverage on Core & Main in a research note on Monday, September 29th. They set a “buy” rating and a $65.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.82.

Core & Main Stock Up 2.7%

Shares of CNM stock opened at $53.38 on Wednesday. The firm’s fifty day moving average price is $51.03 and its two-hundred day moving average price is $56.07. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. Core & Main has a 1 year low of $43.17 and a 1 year high of $67.18. The firm has a market capitalization of $10.44 billion, a P/E ratio of 23.52, a PEG ratio of 1.87 and a beta of 0.98.

Core & Main (NYSE:CNM) last released its earnings results on Tuesday, December 9th. The company reported $0.72 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.72. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter in the previous year, the business earned $0.69 earnings per share. Core & Main’s quarterly revenue was up 1.2% on a year-over-year basis. On average, equities analysts predict that Core & Main will post 2.16 EPS for the current fiscal year.

Core & Main announced that its board has initiated a stock buyback plan on Tuesday, December 9th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Capital World Investors raised its position in shares of Core & Main by 294.9% in the third quarter. Capital World Investors now owns 5,948,134 shares of the company’s stock valued at $320,188,000 after buying an additional 4,442,047 shares in the last quarter. First Trust Advisors LP raised its holdings in Core & Main by 10.7% in the 3rd quarter. First Trust Advisors LP now owns 3,835,835 shares of the company’s stock valued at $206,483,000 after acquiring an additional 369,200 shares in the last quarter. Geode Capital Management LLC raised its holdings in Core & Main by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 3,472,477 shares of the company’s stock valued at $209,597,000 after acquiring an additional 18,874 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Core & Main by 0.4% during the 2nd quarter. Bessemer Group Inc. now owns 3,371,475 shares of the company’s stock valued at $203,467,000 after acquiring an additional 14,244 shares during the period. Finally, Amundi grew its holdings in shares of Core & Main by 2.8% during the 2nd quarter. Amundi now owns 3,357,973 shares of the company’s stock worth $186,955,000 after purchasing an additional 92,355 shares in the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

About Core & Main

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.