Analysts Set Core & Main, Inc. (NYSE:CNM) Target Price at $62.00

Shares of Core & Main, Inc. (NYSE:CNM) have been assigned a consensus rating of “Moderate Buy” from the twelve research firms that are presently covering the company, Marketbeat reports. Five analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $62.00.

A number of equities research analysts recently commented on the company. Robert W. Baird lifted their target price on Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a report on Wednesday, December 10th. Barclays lowered their price objective on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Monday, December 1st. Citigroup upped their price objective on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $63.00 target price on shares of Core & Main in a report on Friday, January 9th. Finally, Wells Fargo & Company boosted their price objective on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th.

Core & Main Trading Up 1.7%

Shares of CNM stock opened at $55.12 on Friday. Core & Main has a 52-week low of $43.17 and a 52-week high of $67.18. The stock has a fifty day simple moving average of $55.79 and a two-hundred day simple moving average of $54.62. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.35 and a current ratio of 2.26. The firm has a market capitalization of $10.78 billion, a PE ratio of 24.28, a PEG ratio of 2.00 and a beta of 0.98.

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

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CNM. Deutsche Bank AG increased its position in shares of Core & Main by 1.1% in the fourth quarter. Deutsche Bank AG now owns 17,859 shares of the company’s stock worth $928,000 after acquiring an additional 190 shares in the last quarter. Modern Wealth Management LLC boosted its holdings in Core & Main by 5.8% in the third quarter. Modern Wealth Management LLC now owns 3,970 shares of the company’s stock valued at $214,000 after purchasing an additional 218 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings in Core & Main by 13.8% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,959 shares of the company’s stock valued at $109,000 after acquiring an additional 237 shares in the last quarter. Johnson Investment Counsel Inc. lifted its position in shares of Core & Main by 0.6% during the third quarter. Johnson Investment Counsel Inc. now owns 43,070 shares of the company’s stock worth $2,318,000 after purchasing an additional 244 shares during the last quarter. Finally, Wedmont Private Capital grew its stake in Core & Main by 5.6% in the third quarter. Wedmont Private Capital now owns 4,733 shares of the company’s stock worth $241,000 after purchasing an additional 251 shares in the last quarter. Institutional investors and hedge funds 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.