Core & Main (NYSE:CNM) Stock Rating Lowered by Zacks Research

Core & Main (NYSE:CNM) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other analysts also recently issued reports on CNM. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $63.00 price objective on shares of Core & Main in a report on Friday, January 9th. Citigroup raised their price target on Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Barclays cut their price objective on Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 1st. Wells Fargo & Company raised their price objective on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Core & Main presently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

Core & Main Stock Performance

NYSE:CNM opened at $57.65 on Monday. The stock has a market cap of $11.27 billion, a P/E ratio of 25.40, a PEG ratio of 2.09 and a beta of 0.98. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04. The business’s 50-day moving average price is $54.96 and its two-hundred day moving average price is $55.12. Core & Main has a twelve month low of $43.17 and a twelve month high of $67.18.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, December 9th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.17. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The company had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same period in the prior year, the business earned $0.69 earnings per share. Core & Main’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, equities analysts predict that Core & Main will post 2.16 EPS for the current fiscal year.

Core & Main declared that its board has initiated a stock repurchase program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Core & Main

A number of institutional investors have recently made changes to their positions in the stock. Regency Capital Management Inc. DE raised its holdings in Core & Main by 57.4% during the 4th quarter. Regency Capital Management Inc. DE now owns 28,675 shares of the company’s stock valued at $1,490,000 after buying an additional 10,455 shares during the last quarter. State of Wyoming grew its holdings in Core & Main by 100.3% in the 4th quarter. State of Wyoming now owns 9,264 shares of the company’s stock worth $481,000 after acquiring an additional 4,639 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Core & Main by 5.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 440,437 shares of the company’s stock valued at $22,890,000 after acquiring an additional 22,033 shares during the period. Bridges Investment Management Inc. bought a new position in shares of Core & Main during the fourth quarter valued at about $251,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Core & Main by 57.0% during the fourth quarter. BNP Paribas Financial Markets now owns 486,620 shares of the company’s stock worth $25,290,000 after purchasing an additional 176,705 shares during the period. Hedge funds and other 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.