Core & Main (NYSE:CNM) Now Covered by Wells Fargo & Company

Equities research analysts at Wells Fargo & Company assumed coverage on shares of Core & Main (NYSE:CNM) in a research report issued to clients and investors on Monday, MarketBeat.com reports. The firm set an “overweight” rating and a $52.00 price target on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 17.70% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Barclays decreased their price objective on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, September 5th. Royal Bank of Canada cut their target price on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Loop Capital cut their target price on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. Bank of America cut their target price on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Thursday, September 5th. Finally, Truist Financial cut their target price on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Core & Main currently has an average rating of “Moderate Buy” and an average price target of $49.55.

Core & Main Stock Performance

Shares of NYSE CNM opened at $44.18 on Monday. The firm has a fifty day moving average price of $47.68 and a 200-day moving average price of $52.15. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. The stock has a market cap of $8.90 billion, a PE ratio of 20.64, a price-to-earnings-growth ratio of 2.52 and a beta of 1.04. Core & Main has a 1 year low of $27.98 and a 1 year high of $62.15.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.13). Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter last year, the business earned $0.66 EPS. Core & Main’s revenue for the quarter was up 5.5% compared to the same quarter last year. Equities analysts anticipate that Core & Main will post 2.1 earnings per share for the current fiscal year.

Core & Main announced that its Board of Directors has approved a stock repurchase plan on Wednesday, June 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 6.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Core & Main

In related news, Director James G. Castellano sold 12,500 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $52.22, for a total value of $652,750.00. Following the completion of the transaction, the director now directly owns 11,769 shares in the company, valued at approximately $614,577.18. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 3.49% of the company’s stock.

Institutional Investors Weigh In On Core & Main

A number of large investors have recently modified their holdings of CNM. Sanctuary Advisors LLC purchased a new stake in shares of Core & Main in the second quarter valued at about $840,000. Teachers Retirement System of The State of Kentucky increased its stake in shares of Core & Main by 3.6% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 54,800 shares of the company’s stock worth $2,682,000 after buying an additional 1,900 shares during the period. Truist Financial Corp increased its stake in shares of Core & Main by 1,103.3% during the second quarter. Truist Financial Corp now owns 495,199 shares of the company’s stock worth $24,235,000 after buying an additional 454,046 shares during the period. Fiera Capital Corp increased its stake in Core & Main by 7.9% in the second quarter. Fiera Capital Corp now owns 162,250 shares of the company’s stock valued at $7,941,000 after purchasing an additional 11,904 shares during the last quarter. Finally, Algert Global LLC increased its stake in Core & Main by 12.4% in the second quarter. Algert Global LLC now owns 176,875 shares of the company’s stock valued at $8,656,000 after purchasing an additional 19,443 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 distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.