Bank of America Cuts Core & Main (NYSE:CNM) Price Target to $34.00

Core & Main (NYSE:CNM) had its target price reduced by Bank of America from $38.00 to $34.00 in a report published on Thursday morning, Benzinga reports. They currently have an underperform rating on the stock.

A number of other analysts have also commented on CNM. Barclays decreased their price target on shares of Core & Main from $65.00 to $57.00 and set an overweight rating for the company in a research note on Thursday. Royal Bank of Canada reissued an outperform rating and set a $60.00 target price on shares of Core & Main in a research report on Wednesday, June 5th. Truist Financial dropped their price target on shares of Core & Main from $50.00 to $38.00 and set a hold rating on the stock in a research report on Thursday. JPMorgan Chase & Co. decreased their price objective on Core & Main from $54.00 to $52.00 and set an overweight rating for the company in a report on Tuesday, September 3rd. Finally, Robert W. Baird dropped their target price on Core & Main from $62.00 to $53.00 and set an outperform rating on the stock in a report on Thursday. One 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. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $49.30.

Core & Main Price Performance

CNM stock opened at $38.05 on Thursday. Core & Main has a 1 year low of $27.75 and a 1 year high of $62.15. The stock has a market capitalization of $7.67 billion, a PE ratio of 17.78, a price-to-earnings-growth ratio of 1.82 and a beta of 1.04. The company’s 50-day moving average is $49.66 and its 200-day moving average is $52.65. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.14 and a quick ratio of 1.23.

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

Insider Buying and Selling

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was 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 in the company, valued at approximately $614,577.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.49% of the stock is currently owned by corporate insiders.

Institutional Trading of Core & Main

Hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC purchased a new stake in shares of Core & Main during the 2nd quarter worth approximately $840,000. Teachers Retirement System of The State of Kentucky increased its position in Core & Main by 3.6% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 54,800 shares of the company’s stock worth $2,682,000 after buying an additional 1,900 shares during the last quarter. Truist Financial Corp increased its position in Core & Main by 1,103.3% in the second quarter. Truist Financial Corp now owns 495,199 shares of the company’s stock worth $24,235,000 after buying an additional 454,046 shares during the last quarter. Fiera Capital Corp raised its stake in shares of Core & Main by 7.9% in the second quarter. Fiera Capital Corp now owns 162,250 shares of the company’s stock valued at $7,941,000 after buying an additional 11,904 shares during the period. Finally, Algert Global LLC lifted its position in shares of Core & Main by 12.4% during the 2nd quarter. Algert Global LLC now owns 176,875 shares of the company’s stock valued at $8,656,000 after buying an additional 19,443 shares during the last quarter. Institutional investors 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.