Royal Bank of Canada Cuts Core & Main (NYSE:CNM) Price Target to $53.00

Core & Main (NYSE:CNM) had its price objective cut by Royal Bank of Canada from $60.00 to $53.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

CNM has been the topic of a number of other reports. JPMorgan Chase & Co. decreased their price objective on Core & Main from $54.00 to $52.00 and set an overweight rating on the stock in a report on Tuesday, September 3rd. Loop Capital decreased their price target on Core & Main from $64.00 to $52.00 and set a buy rating on the stock in a research note on Thursday. Bank of America cut their price objective on Core & Main from $38.00 to $34.00 and set an underperform rating for the company in a research report on Thursday. Barclays decreased their target price on shares of Core & Main from $65.00 to $57.00 and set an overweight rating on the stock in a research report on Thursday. Finally, Robert W. Baird reduced their price target on shares of Core & Main from $62.00 to $53.00 and set an outperform rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Core & Main currently has an average rating of Moderate Buy and a consensus price target of $49.30.

Core & Main Stock Performance

Shares of Core & Main stock opened at $38.05 on Thursday. The business’s 50 day moving average price is $49.66 and its 200 day moving average price is $52.65. The company has a market cap of $7.67 billion, a price-to-earnings ratio of 17.78, a PEG ratio of 1.82 and a beta of 1.04. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 2.14. Core & Main has a one year low of $27.75 and a one year high of $62.15.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.13). Core & Main had a net margin of 5.53% and a return on equity of 20.01%. The firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same period in the previous year, the firm posted $0.66 EPS. The company’s revenue was up 5.5% compared to the same quarter last year. On average, research analysts predict that Core & Main will post 2.32 EPS for the current year.

Insider Buying and Selling

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the firm’s stock in a transaction that occurred 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 owns 11,769 shares of the company’s stock, valued at approximately $614,577.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.49% of the stock is owned by insiders.

Institutional Investors Weigh In On Core & Main

Hedge funds have recently bought and sold shares of the stock. Rise Advisors LLC purchased a new stake in shares of Core & Main during the first quarter worth approximately $27,000. Quadrant Capital Group LLC grew its holdings in Core & Main by 74.5% during the 4th quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock worth $35,000 after acquiring an additional 365 shares in the last quarter. ORG Partners LLC purchased a new stake in shares of Core & Main in the 1st quarter valued at approximately $38,000. Principal Securities Inc. acquired a new stake in shares of Core & Main in the 4th quarter valued at $43,000. Finally, Brown Brothers Harriman & Co. purchased a new stake in shares of Core & Main during the 2nd quarter worth $76,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Company Profile

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.