Core & Main (NYSE:CNM) Price Target Raised to $65.00 at Wells Fargo & Company

Core & Main (NYSE:CNM) had its price objective upped by Wells Fargo & Company from $62.00 to $65.00 in a report published on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities research analysts also recently issued reports on CNM. Barclays increased their price objective on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Loop Capital increased their price objective on shares of Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $62.00 price objective (up from $53.00) on shares of Core & Main in a research note on Wednesday, December 4th. The Goldman Sachs Group increased their price objective on shares of Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, December 5th. Finally, Truist Financial raised their price target on shares of Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.60.

Core & Main Trading Up 1.5 %

CNM stock opened at $55.32 on Tuesday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. The company’s 50-day simple moving average is $53.20 and its 200 day simple moving average is $48.53. Core & Main has a 52 week low of $37.22 and a 52 week high of $62.15. The company has a market capitalization of $10.99 billion, a PE ratio of 25.97, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. The firm had revenue of $2.04 billion for 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 business’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.65 earnings per share. As a group, sell-side analysts anticipate that Core & Main will post 2.16 earnings per share for the current year.

Insider Activity at Core & Main

In related news, General Counsel Mark G. Whittenburg sold 1,974 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $55.29, for a total value of $109,142.46. Following the completion of the transaction, the general counsel now owns 7,667 shares in the company, valued at $423,908.43. This trade represents a 20.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Stephen O. Leclair sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the completion of the transaction, the chief executive officer now owns 92,349 shares of the company’s stock, valued at approximately $5,068,113.12. This trade represents a 68.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 427,426 shares of company stock worth $22,923,825 in the last quarter. 3.49% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CNM. Sanctuary Advisors LLC bought a new position in Core & Main in the 2nd quarter valued at approximately $840,000. GAMMA Investing LLC raised its holdings in Core & Main by 61.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after purchasing an additional 511 shares during the last quarter. Sendero Wealth Management LLC raised its holdings in Core & Main by 21.7% during the 3rd quarter. Sendero Wealth Management LLC now owns 14,529 shares of the company’s stock worth $645,000 after purchasing an additional 2,588 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Core & Main by 24.6% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 50,700 shares of the company’s stock worth $2,251,000 after purchasing an additional 10,000 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new position in Core & Main during the 3rd quarter worth approximately $31,000. Institutional investors own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.