Robert W. Baird Has Lowered Expectations for Core & Main (NYSE:CNM) Stock Price

Core & Main (NYSE:CNM) had its price target cut by equities researchers at Robert W. Baird from $66.00 to $65.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price objective indicates a potential upside of 30.94% from the company’s previous close.

A number of other research analysts have also weighed in on CNM. The Goldman Sachs Group increased their price target on Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, December 5th. Loop Capital upped their target price on Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Barclays raised their price target on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Truist Financial lifted their price target on Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Finally, 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 report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Core & Main presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.50.

Core & Main Price Performance

CNM opened at $49.64 on Wednesday. The firm has a market cap of $9.86 billion, a P/E ratio of 23.31, a PEG ratio of 2.61 and a beta of 1.05. The business’s fifty day simple moving average is $52.19 and its 200 day simple moving average is $48.72. Core & Main has a 52 week low of $37.22 and a 52 week high of $62.15. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.03). The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.67 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. Core & Main’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.34 earnings per share. As a group, equities research analysts anticipate that Core & Main will post 2.16 EPS for the current fiscal year.

Insider Activity

In other Core & Main news, President Bradford A. Cowles sold 12,500 shares of Core & Main stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $50.50, for a total transaction of $631,250.00. Following the transaction, the president now directly owns 16,010 shares of the company’s stock, valued at $808,505. The trade was a 43.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Mark G. Whittenburg sold 1,974 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $55.29, for a total transaction of $109,142.46. Following the sale, the general counsel now owns 7,667 shares of the company’s stock, valued at approximately $423,908.43. This represents a 20.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 184,294 shares of company stock valued at $9,383,685 in the last three months. Corporate insiders own 3.49% of the company’s stock.

Institutional Trading of Core & Main

Large investors have recently added to or reduced their stakes in the stock. Avior Wealth Management LLC boosted its position in shares of Core & Main by 51.3% in the fourth quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock worth $41,000 after buying an additional 271 shares during the period. UMB Bank n.a. lifted its position in Core & Main by 246.0% during the 4th quarter. UMB Bank n.a. now owns 962 shares of the company’s stock worth $49,000 after acquiring an additional 684 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Core & Main during the 3rd quarter worth approximately $49,000. Quadrant Capital Group LLC boosted its holdings in Core & Main by 30.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company’s stock worth $61,000 after acquiring an additional 278 shares during the period. Finally, Blue Trust Inc. grew its position in Core & Main by 187.4% in the fourth quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock valued at $65,000 after acquiring an additional 830 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Company Profile

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.