Core & Main (NYSE:CNM) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research downgraded shares of Core & Main (NYSE:CNM) from a hold rating to a strong sell rating in a research note released on Monday,Zacks reports.

Several other equities analysts also recently weighed in on CNM. The Goldman Sachs Group reiterated a “neutral” rating and issued a $53.00 price target on shares of Core & Main in a report on Thursday, September 10th. Deutsche Bank Aktiengesellschaft set a $55.00 price objective on shares of Core & Main in a research note on Thursday, September 10th. Robert W. Baird dropped 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. Truist Financial dropped their price objective on shares of Core & Main from $50.00 to $45.00 and set a “hold” rating on the stock in a report on Thursday, September 10th. Finally, Wolfe Research reiterated an “outperform” rating and issued a $63.00 price objective on shares of Core & Main in a research note on Tuesday. Eight 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.64.

Core & Main Stock Up 0.6%

Core & Main stock opened at $41.04 on Monday. The business’s 50-day simple moving average is $44.28 and its two-hundred day simple moving average is $47.58. 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 company has a market cap of $7.94 billion, a PE ratio of 16.89, a PEG ratio of 1.71 and a beta of 0.91. Core & Main has a fifty-two week low of $40.03 and a fifty-two week high of $59.66.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Wednesday, September 9th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.03. Core & Main had a return on equity of 25.98% and a net margin of 5.96%.The firm had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.14 billion. During the same period last year, the business posted $0.87 earnings per share. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. Equities analysts anticipate that Core & Main will post 3 EPS for the current year.

Insider Buying and Selling

In related news, Director James Hope bought 2,067 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The shares were purchased at an average cost of $46.01 per share, with a total value of $95,102.67. Following the completion of the acquisition, the director directly owned 11,805 shares in the company, valued at approximately $543,148.05. The trade was a 21.23% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.51% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core & Main

Several hedge funds have recently bought and sold shares of CNM. SkyView Investment Advisors LLC acquired a new position in Core & Main during the second quarter worth $145,000. WINTON GROUP Ltd grew its position in shares of Core & Main by 41.4% in the second quarter. WINTON GROUP Ltd now owns 46,061 shares of the company’s stock valued at $2,222,000 after purchasing an additional 13,482 shares during the period. Squarepoint Ops LLC grew its position in shares of Core & Main by 109.4% in the second quarter. Squarepoint Ops LLC now owns 215,273 shares of the company’s stock valued at $10,387,000 after purchasing an additional 112,444 shares during the period. Allworth Financial LP increased its stake in shares of Core & Main by 176.7% during the second quarter. Allworth Financial LP now owns 33,752 shares of the company’s stock worth $1,629,000 after purchasing an additional 21,555 shares in the last quarter. Finally, Nykredit A S purchased a new stake in shares of Core & Main during the second quarter worth about $231,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc (NYSE: CNM) is a specialized distributor of water, wastewater, storm drainage and fire protection products in the United States. The company supplies infrastructure materials used in the construction, maintenance and repair of public and private utility systems.

Its product offerings include ductile iron and PVC pipe, valves, hydrants, water meters, storm drainage systems, pipe fittings, fire protection equipment and related products. Core & Main also provides services such as product sourcing, technical support, fabrication, field assistance and inventory management to help customers complete infrastructure projects.

Core & Main serves municipalities, utility contractors, water and wastewater authorities, private water companies, civil and site-development contractors, and other industrial customers through a nationwide distribution network.