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

Core & Main (NYSE:CNM) had its target price increased by stock analysts at Wells Fargo & Company from $52.00 to $62.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 12.20% from the company’s current price.

Several other research analysts have also weighed in on CNM. Loop Capital dropped their price objective on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. JPMorgan Chase & Co. dropped their price target on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 3rd. Bank of America dropped their price target on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a research note on Thursday, September 5th. Truist Financial increased their price target on shares of Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, The Goldman Sachs Group dropped their price target on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.40.

Core & Main Stock Down 0.9 %

Shares of NYSE:CNM opened at $55.26 on Thursday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.34 and a current ratio of 2.14. The company has a market cap of $11.11 billion, a PE ratio of 25.94, a price-to-earnings-growth ratio of 3.63 and a beta of 1.04. Core & Main has a 52 week low of $35.03 and a 52 week high of $62.15. The firm has a 50 day simple moving average of $45.03 and a 200 day simple moving average of $48.06.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.65 by $0.04. The business had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 EPS. As a group, research analysts expect that Core & Main will post 2.1 earnings per share for the current year.

Hedge Funds Weigh In On Core & Main

Hedge funds and other institutional investors have recently made changes to their positions in the business. CWM LLC lifted its holdings in Core & Main by 25.6% during the 2nd quarter. CWM LLC now owns 1,638 shares of the company’s stock valued at $80,000 after purchasing an additional 334 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in Core & Main by 1.9% during the 2nd quarter. QRG Capital Management Inc. now owns 12,153 shares of the company’s stock valued at $595,000 after purchasing an additional 228 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Core & Main by 542.1% during the 2nd quarter. SG Americas Securities LLC now owns 39,415 shares of the company’s stock valued at $1,929,000 after purchasing an additional 33,277 shares during the last quarter. Andina Capital Management LLC lifted its holdings in Core & Main by 12.4% during the 2nd quarter. Andina Capital Management LLC now owns 8,413 shares of the company’s stock valued at $412,000 after purchasing an additional 929 shares during the last quarter. Finally, Border to Coast Pensions Partnership Ltd bought a new position in Core & Main during the 2nd quarter valued at about $16,760,000. 94.19% of the stock is owned by institutional investors.

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.