Core & Main (NYSE:CNM) Price Target Cut to $57.00 by Analysts at Royal Bank Of Canada

Core & Main (NYSE:CNM) had its price objective cut by equities researchers at Royal Bank Of Canada from $60.00 to $57.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would indicate a potential upside of 40.68% from the company’s current price.

Several other brokerages have also recently weighed in on CNM. Zacks Research cut Core & Main from a “hold” rating to a “strong sell” rating in a report on Monday, September 14th. Wells Fargo & Company reduced their target price on shares of Core & Main from $65.00 to $48.00 and set an “overweight” rating on the stock in a research note on Thursday, September 10th. The Goldman Sachs Group reiterated a “neutral” rating and set a $53.00 price target on shares of Core & Main in a research report on Thursday, September 10th. William Blair initiated coverage on shares of Core & Main in a research note on Thursday, July 23rd. They set a “market perform” rating for the company. Finally, Robert W. Baird cut their price objective on shares of Core & Main from $66.00 to $57.00 and set an “outperform” rating on the stock in a report on Thursday, September 10th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Core & Main presently has an average rating of “Hold” and a consensus price target of $54.40.

Core & Main Stock Performance

Shares of NYSE:CNM opened at $40.52 on Wednesday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.51 and a current ratio of 2.47. The firm has a market cap of $7.72 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 1.75 and a beta of 0.91. Core & Main has a twelve month low of $40.03 and a twelve month high of $59.66. The business has a fifty day moving average of $43.60 and a 200-day moving average of $46.67.

Core & Main (NYSE:CNM) last announced its earnings results on Wednesday, September 9th. The company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.03. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. The company had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the previous year, the firm posted $0.87 earnings per share. The company’s revenue was up 2.5% on a year-over-year basis. On average, equities research analysts predict that Core & Main will post 3 EPS for the current fiscal year.

Institutional Trading of Core & Main

Several hedge funds have recently bought and sold shares of CNM. Root Financial Partners LLC lifted its holdings in shares of Core & Main by 111.6% in the first quarter. Root Financial Partners LLC now owns 895 shares of the company’s stock valued at $44,000 after purchasing an additional 472 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Core & Main by 42.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,389 shares of the company’s stock valued at $118,000 after buying an additional 710 shares during the last quarter. SkyView Investment Advisors LLC acquired a new stake in shares of Core & Main in the 2nd quarter valued at approximately $145,000. HB Wealth Management LLC bought a new position in shares of Core & Main in the first quarter valued at $205,000. Finally, iSAM Funds UK Ltd bought a new position in shares of Core & Main in the second quarter valued at $207,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

About Core & Main

Core & Main, Inc (NYSE: CNM) is a specialized distributor of infrastructure products serving the water, wastewater, storm drainage, fire protection and related utility markets. The company supplies products used to build, repair and maintain essential public and private infrastructure across the United States.

Its product portfolio includes ductile iron and plastic pipe, valves, hydrants, water meters, fittings, and other waterworks components. Core & Main also distributes stormwater drainage products, fire protection equipment and related solutions.