Wells Fargo & Company Forecasts Strong Price Appreciation for Core & Main (NYSE:CNM) Stock

Core & Main (NYSE:CNM) had its target price upped by investment analysts at Wells Fargo & Company from $62.00 to $65.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 17.59% from the company’s previous close.

Several other analysts also recently weighed in on CNM. Robert W. Baird lifted their price target on shares of Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Truist Financial raised their price objective on Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $62.00 target price (up from $53.00) on shares of Core & Main in a report on Wednesday, December 4th. Barclays raised their price target on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Finally, Loop Capital upped their price objective on shares of Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.60.

Core & Main Trading Down 0.9 %

CNM traded down $0.52 during trading hours on Tuesday, reaching $55.28. 60,302 shares of the company’s stock traded hands, compared to its average volume of 1,498,777. The firm has a 50-day moving average price of $52.74 and a 200 day moving average price of $48.42. The firm has a market capitalization of $10.98 billion, a PE ratio of 25.98, a PEG ratio of 3.12 and a beta of 1.03. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. Core & Main has a 52-week low of $37.22 and a 52-week high of $62.15.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. The firm had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business’s revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.65 earnings per share. As a group, sell-side analysts predict that Core & Main will post 2.16 EPS for the current fiscal year.

Insider Activity

In other news, CEO Stephen O. Leclair sold 200,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total value of $10,976,000.00. Following the completion of the sale, the chief executive officer now owns 92,349 shares of the company’s stock, valued at $5,068,113.12. This trade represents a 68.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John R. Schaller sold 60,452 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $50.57, for a total value of $3,057,057.64. Following the transaction, the executive vice president now directly owns 17,898 shares in the company, valued at $905,101.86. This represents a 77.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 427,426 shares of company stock worth $22,923,825. Corporate insiders own 3.49% of the company’s stock.

Institutional Trading of Core & Main

A number of institutional investors have recently bought and sold shares of CNM. Sanctuary Advisors LLC purchased a new position in shares of Core & Main in the second quarter worth $840,000. GAMMA Investing LLC lifted its position in Core & Main by 61.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after acquiring an additional 511 shares during the period. Sendero Wealth Management LLC grew its stake in Core & Main by 21.7% during the 3rd quarter. Sendero Wealth Management LLC now owns 14,529 shares of the company’s stock valued at $645,000 after purchasing an additional 2,588 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Core & Main by 24.6% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 50,700 shares of the company’s stock worth $2,251,000 after purchasing an additional 10,000 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in shares of Core & Main in the third quarter worth about $31,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Company Profile

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.