Core & Main (NYSE:CNM) Stock Gets Price Target Cut from Robert W. Baird

Core & Main (NYSE:CNM) had its price target decreased by Robert W. Baird from $57.00 to $54.00 in a report released on Wednesday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

Other equities research analysts have also issued research reports about the stock. Royal Bank Of Canada dropped their price objective on shares of Core & Main from $60.00 to $57.00 and set an “outperform” rating for the company in a research report on Wednesday, October 7th. William Blair began coverage on shares of Core & Main in a research note on Thursday, July 23rd. They issued a “market perform” rating on the stock. Zacks Research upgraded shares of Core & Main from a “strong sell” rating to a “hold” rating in a report on Monday, November 9th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $53.00 price target on shares of Core & Main in a research report on Thursday, September 10th. Finally, Northcoast Research cut shares of Core & Main from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 26th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.09.

Core & Main Stock Performance

NYSE CNM opened at $44.99 on Wednesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.47 and a quick ratio of 1.51. Core & Main has a 1-year low of $39.42 and a 1-year high of $59.66. The firm has a market capitalization of $8.57 billion, a P/E ratio of 18.51, a P/E/G ratio of 1.80 and a beta of 0.91. The business’s 50-day simple moving average is $42.80 and its 200-day simple moving average is $47.45.

Core & Main (NYSE:CNM) last posted its earnings results on Wednesday, September 9th. The company reported $0.94 earnings per share (EPS) 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 firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the prior year, the company earned $0.87 EPS. The company’s revenue was up 2.5% on a year-over-year basis. Equities analysts predict that Core & Main will post 2.97 EPS for the current year.

Hedge Funds Weigh In On Core & Main

A number of institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System lifted its position in shares of Core & Main by 22.3% during the first 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 last quarter. KBC Group NV grew its stake in Core & Main by 4.5% in the first quarter. KBC Group NV now owns 2,737,992 shares of the company’s stock worth $135,257,000 after purchasing an additional 119,076 shares in the last quarter. Wellington Management Group LLP grew its stake in Core & Main by 52.5% in the second quarter. Wellington Management Group LLP now owns 251,724 shares of the company’s stock worth $12,146,000 after purchasing an additional 86,672 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Core & Main in the second quarter valued at about $4,461,000. Finally, Bornite Capital Management LP bought a new stake in Core & Main in the second quarter valued at about $36,622,000. 94.19% of the stock is owned by institutional investors and hedge funds.

About Core & Main

Core & Main, Inc. is a distributor of products and services used in water, wastewater, storm drainage, and fire protection infrastructure. Its customers include municipalities, water utilities, contractors, and other commercial and industrial organizations. The company offers products such as pipe, valves, fittings, hydrants, meters, and related supplies. It also provides services supporting infrastructure projects, including product fabrication and technical assistance. Based in St. Louis, Missouri, Core & Main serves customers across the United States through a network of branches.