Core & Main (NYSE:CNM) Rating Lowered to Strong Sell at Zacks Research

Core & Main (NYSE:CNM) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday, Zacks reports.

CNM has been the subject of several other reports. Citigroup dropped their target price on shares of Core & Main from $53.00 to $46.00 and set a “neutral” rating for the company in a research report on Friday. Wolfe Research reissued an “outperform” rating and issued a $63.00 price target on shares of Core & Main in a report on Tuesday. Wells Fargo & Company lowered their price objective on shares of Core & Main from $65.00 to $48.00 and set an “overweight” rating on the stock in a research report on Thursday, September 10th. Barclays cut their target price on shares of Core & Main from $62.00 to $61.00 and set an “overweight” rating for the company in a research report on Thursday, September 10th. Finally, Wall Street Zen downgraded Core & Main from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.64.

Core & Main Price Performance

Shares of NYSE CNM opened at $41.04 on Monday. The stock’s 50-day simple moving average is $44.28 and its two-hundred day simple moving average is $47.58. Core & Main has a twelve month low of $40.03 and a twelve month high of $59.66. The firm has a market capitalization of $7.94 billion, a P/E ratio of 16.89, a P/E/G ratio of 1.71 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 issued its quarterly earnings data on Wednesday, September 9th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.91 by $0.03. The company had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.14 billion. Core & Main had a return on equity of 25.98% and a net margin of 5.96%.Core & Main’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.87 earnings per share. As a group, equities analysts anticipate that Core & Main will post 3 EPS for the current fiscal year.

Insider Buying and Selling

In other Core & Main news, Director James Hope purchased 2,067 shares of Core & Main stock in a transaction on Monday, July 6th. The shares were acquired at an average cost of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the transaction, the director directly owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. The trade was a 21.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 1.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Core & Main

A number of institutional investors have recently made changes to their positions in CNM. California State Teachers Retirement System raised its position in Core & Main by 22.3% in the 1st quarter. California State Teachers Retirement System now owns 219,934 shares of the company’s stock worth $10,865,000 after purchasing an additional 40,050 shares during the period. KBC Group NV boosted its position in 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. WINTON GROUP Ltd boosted its position in Core & Main by 177.4% during the fourth quarter. WINTON GROUP Ltd now owns 33,015 shares of the company’s stock valued at $1,716,000 after buying an additional 21,113 shares during the period. Fox Hill Wealth Management bought a new position in shares of Core & Main during the fourth quarter valued at about $2,798,000. Finally, Fifth Third Bancorp grew its stake in shares of Core & Main by 742.6% during the first quarter. Fifth Third Bancorp now owns 66,014 shares of the company’s stock valued at $3,261,000 after buying an additional 58,179 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc (NYSE: CNM) is a specialized distributor of water, wastewater, storm drainage and fire protection products in the United States. The company supplies infrastructure materials used in the construction, maintenance and repair of public and private utility systems.

Its product offerings include ductile iron and PVC pipe, valves, hydrants, water meters, storm drainage systems, pipe fittings, fire protection equipment and related products. Core & Main also provides services such as product sourcing, technical support, fabrication, field assistance and inventory management to help customers complete infrastructure projects.

Core & Main serves municipalities, utility contractors, water and wastewater authorities, private water companies, civil and site-development contractors, and other industrial customers through a nationwide distribution network.