Core & Main (NYSE:CNM) Given New $56.00 Price Target at Citigroup

Core & Main (NYSE:CNM) had its price objective raised by research analysts at Citigroup from $43.00 to $56.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 8.95% from the company’s previous close.

Several other research analysts have also recently issued reports on CNM. Truist Financial upped their price objective on Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Barclays upped their target price on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Robert W. Baird boosted their price target on shares of Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $62.00 price objective (up previously from $53.00) on shares of Core & Main in a report on Wednesday, December 4th. Finally, Loop Capital boosted their target price on Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One investment 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. According to MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and an average target price of $57.30.

Core & Main Trading Down 1.3 %

Core & Main stock traded down $0.69 during mid-day trading on Monday, hitting $51.40. The company’s stock had a trading volume of 709,948 shares, compared to its average volume of 1,340,323. The stock’s fifty day moving average is $48.43 and its two-hundred day moving average is $47.75. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. The firm has a market capitalization of $10.21 billion, a PE ratio of 24.13, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. Core & Main has a 1 year low of $37.22 and a 1 year high of $62.15.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.65 by $0.04. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same quarter last year, the firm posted $0.65 earnings per share. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, analysts anticipate that Core & Main will post 2.16 EPS for the current year.

Insider Transactions at Core & Main

In related news, EVP Jeffrey D. Giles sold 25,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $54.71, for a total transaction of $1,367,750.00. Following the completion of the transaction, the executive vice president now directly owns 11,615 shares of the company’s stock, valued at $635,456.65. This represents a 68.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Stephen O. Leclair sold 200,000 shares of Core & Main stock in a transaction that occurred on Tuesday, December 3rd. The shares were 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 directly owns 92,349 shares in the company, valued at $5,068,113.12. This represents a 68.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 290,000 shares of company stock worth $15,926,000 over the last 90 days. 3.49% of the stock is currently owned by insiders.

Institutional Trading of Core & Main

Several hedge funds have recently modified their holdings of the business. Nordea Investment Management AB acquired a new stake in Core & Main in the fourth quarter valued at $7,955,000. Everence Capital Management Inc. acquired a new stake in shares of Core & Main during the 4th quarter valued at approximately $287,000. GAMMA Investing LLC grew its holdings in shares of Core & Main by 64.6% in the 4th quarter. GAMMA Investing LLC now owns 2,219 shares of the company’s stock worth $113,000 after acquiring an additional 871 shares during the period. JPMorgan Chase & Co. increased its stake in Core & Main by 14.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,839,399 shares of the company’s stock valued at $126,069,000 after purchasing an additional 349,674 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in Core & Main by 6.9% during the third quarter. Lord Abbett & CO. LLC now owns 899,064 shares of the company’s stock worth $39,919,000 after purchasing an additional 58,365 shares during the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

About Core & Main

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.