Royal Bank of Canada Reaffirms “Outperform” Rating for Core & Main (NYSE:CNM)

Core & Main (NYSE:CNM)‘s stock had its “outperform” rating reissued by stock analysts at Royal Bank of Canada in a report released on Wednesday,Benzinga reports. They currently have a $62.00 target price on the stock, up from their prior target price of $53.00. Royal Bank of Canada’s target price suggests a potential upside of 13.55% from the company’s current price.

Several other equities research analysts also recently issued reports on CNM. Truist Financial raised their price objective on shares of Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research note on Wednesday. Loop Capital lowered their price target on Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. Bank of America dropped their price target on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. The Goldman Sachs Group cut their target price on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Finally, Wells Fargo & Company began coverage on shares of Core & Main in a research note on Monday, September 23rd. They set an “overweight” rating and a $52.00 price target for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $55.30.

Core & Main Stock Down 2.1 %

CNM stock traded down $1.18 during mid-day trading on Wednesday, hitting $54.60. The stock had a trading volume of 1,262,933 shares, compared to its average volume of 2,592,164. The stock has a market capitalization of $10.98 billion, a price-to-earnings ratio of 26.12, a PEG ratio of 3.14 and a beta of 1.04. The company has a fifty day moving average of $44.80 and a 200 day moving average of $48.09. Core & Main has a 1-year low of $35.03 and a 1-year high of $62.15. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same quarter in the prior year, the firm posted $0.65 EPS. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, equities analysts expect that Core & Main will post 2.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Core & Main

Institutional investors and hedge funds have recently made changes to their positions in the company. Select Equity Group L.P. lifted its holdings in Core & Main by 0.3% during the second quarter. Select Equity Group L.P. now owns 15,426,777 shares of the company’s stock worth $754,986,000 after acquiring an additional 39,475 shares in the last quarter. FMR LLC lifted its holdings in shares of Core & Main by 28.0% during the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock valued at $386,151,000 after purchasing an additional 1,903,280 shares in the last quarter. State Street Corp grew its position in shares of Core & Main by 9.7% in the 3rd quarter. State Street Corp now owns 5,522,009 shares of the company’s stock valued at $245,177,000 after purchasing an additional 489,224 shares during the period. Pacer Advisors Inc. increased its stake in Core & Main by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 4,250,219 shares of the company’s stock worth $188,710,000 after purchasing an additional 41,521 shares in the last quarter. Finally, Royal London Asset Management Ltd. raised its holdings in Core & Main by 39.9% during the 3rd quarter. Royal London Asset Management Ltd. now owns 3,761,906 shares of the company’s stock worth $167,029,000 after buying an additional 1,073,451 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

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.