Core & Main, Inc. (NYSE:CNM) Given Consensus Rating of “Moderate Buy” by Brokerages

Core & Main, Inc. (NYSE:CNM) has received an average recommendation of “Moderate Buy” from the twelve brokerages that are currently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $61.2727.

Several research analysts recently weighed in on CNM shares. The Goldman Sachs Group lowered their price objective on Core & Main from $68.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, September 12th. Royal Bank Of Canada reiterated an “outperform” rating and set a $63.00 price target on shares of Core & Main in a report on Friday. Robert W. Baird raised their price objective on Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 10th. UBS Group assumed coverage on shares of Core & Main in a research report on Monday, September 29th. They issued a “buy” rating and a $65.00 target price on the stock. Finally, Citigroup lifted their price target on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday.

Core & Main Stock Up 2.8%

NYSE CNM opened at $56.66 on Friday. The business’s fifty day simple moving average is $51.27 and its 200-day simple moving average is $56.02. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04. The firm has a market cap of $11.08 billion, a PE ratio of 24.96, a P/E/G ratio of 1.85 and a beta of 0.98. Core & Main has a 52 week low of $43.17 and a 52 week high of $67.18.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Tuesday, December 9th. The company reported $0.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.72. The firm had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. Core & Main’s revenue was up 1.2% compared to the same quarter last year. During the same period last year, the business earned $0.69 earnings per share. As a group, equities analysts anticipate that Core & Main will post 2.16 earnings per share for the current year.

Core & Main declared that its board has authorized a share buyback program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to buy up to 5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Capital World Investors grew its stake in shares of Core & Main by 294.9% in the third quarter. Capital World Investors now owns 5,948,134 shares of the company’s stock valued at $320,188,000 after buying an additional 4,442,047 shares in the last quarter. First Trust Advisors LP boosted its holdings in Core & Main by 10.7% during the 3rd quarter. First Trust Advisors LP now owns 3,835,835 shares of the company’s stock valued at $206,483,000 after acquiring an additional 369,200 shares during the period. Geode Capital Management LLC grew its position in Core & Main by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 3,472,477 shares of the company’s stock valued at $209,597,000 after acquiring an additional 18,874 shares in the last quarter. Bessemer Group Inc. increased its stake in Core & Main by 0.4% during the second quarter. Bessemer Group Inc. now owns 3,371,475 shares of the company’s stock worth $203,467,000 after purchasing an additional 14,244 shares during the period. Finally, Amundi lifted its position in shares of Core & Main by 2.8% during the second quarter. Amundi now owns 3,357,973 shares of the company’s stock worth $186,955,000 after purchasing an additional 92,355 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 (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.