Citigroup Cuts Core & Main (NYSE:CNM) Price Target to $54.00

Core & Main (NYSE:CNM) had its price objective reduced by Citigroup from $62.00 to $54.00 in a report issued on Wednesday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Loop Capital restated a “hold” rating and set a $68.00 price objective on shares of Core & Main in a report on Monday, July 28th. JPMorgan Chase & Co. reduced their price objective on Core & Main from $64.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday. Barclays reduced their price objective on Core & Main from $69.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday. Wells Fargo & Company reduced their price objective on Core & Main from $70.00 to $58.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Royal Bank Of Canada reduced their price objective on Core & Main from $67.00 to $62.00 and set an “outperform” rating for the company in a report on Wednesday. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Core & Main currently has an average rating of “Moderate Buy” and a consensus price target of $59.60.

Core & Main Trading Down 1.4%

Core & Main stock opened at $48.76 on Wednesday. Core & Main has a 52 week low of $39.86 and a 52 week high of $67.18. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.10 and a current ratio of 2.25. The stock has a market capitalization of $9.61 billion, a P/E ratio of 21.77, a PEG ratio of 1.88 and a beta of 1.04. The stock has a 50-day simple moving average of $62.85 and a 200 day simple moving average of $56.02.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The company had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.12 billion. During the same quarter in the previous year, the company posted $0.61 earnings per share. The business’s revenue was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. Analysts expect that Core & Main will post 2.16 earnings per share for the current year.

Insider Buying and Selling at Core & Main

In other Core & Main news, Director Orvin T. Kimbrough sold 23,962 shares of the business’s stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $61.77, for a total transaction of $1,480,132.74. Following the completion of the transaction, the director directly owned 13,958 shares in the company, valued at $862,185.66. The trade was a 63.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Robyn L. Bradbury sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $60.49, for a total transaction of $1,512,250.00. Following the transaction, the chief financial officer owned 8,555 shares of the company’s stock, valued at approximately $517,491.95. This represents a 74.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 422,956 shares of company stock valued at $26,343,241. 3.53% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Squarepoint Ops LLC acquired a new position in shares of Core & Main during the second quarter worth $3,600,000. Thrivent Financial for Lutherans increased its holdings in shares of Core & Main by 42.4% during the second quarter. Thrivent Financial for Lutherans now owns 208,499 shares of the company’s stock worth $12,583,000 after buying an additional 62,096 shares in the last quarter. State of Wyoming acquired a new position in shares of Core & Main during the second quarter worth $190,000. Captrust Financial Advisors increased its holdings in shares of Core & Main by 4.1% during the second quarter. Captrust Financial Advisors now owns 63,227 shares of the company’s stock worth $3,816,000 after buying an additional 2,509 shares in the last quarter. Finally, Tidal Investments LLC increased its holdings in shares of Core & Main by 39.7% during the second quarter. Tidal Investments LLC now owns 14,610 shares of the company’s stock worth $882,000 after buying an additional 4,151 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

About Core & Main

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.