Core & Main (NYSE:CNM) Given New $60.00 Price Target at Royal Bank of Canada

Core & Main (NYSE:CNM) had its price target reduced by stock analysts at Royal Bank of Canada from $62.00 to $60.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 18.31% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on CNM. The Goldman Sachs Group lifted their price target on shares of Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a research note on Thursday, December 5th. Barclays lifted their target price on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Loop Capital upped their price target on shares of Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Wells Fargo & Company increased their target price on Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. Finally, Robert W. Baird lowered their price target on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday. 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’s stock. According to data from MarketBeat, Core & Main presently has an average rating of “Moderate Buy” and an average target price of $57.30.

Core & Main Stock Performance

Shares of NYSE:CNM traded up $1.19 during trading on Wednesday, hitting $50.71. 520,234 shares of the stock traded hands, compared to its average volume of 2,230,206. The company has a fifty day moving average price of $52.19 and a two-hundred day moving average price of $48.72. Core & Main has a 52-week low of $37.22 and a 52-week high of $62.15. The company has a market cap of $10.08 billion, a price-to-earnings ratio of 23.78, a P/E/G ratio of 2.61 and a beta of 1.05. 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 announced its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.03). The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. Core & Main’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.34 EPS. As a group, equities analysts predict that Core & Main will post 2.16 EPS for the current year.

Insiders Place Their Bets

In other Core & Main news, General Counsel Mark G. Whittenburg sold 50,000 shares of Core & Main stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $50.49, for a total transaction of $2,524,500.00. Following the transaction, the general counsel now directly owns 7,667 shares of the company’s stock, valued at $387,106.83. The trade was a 86.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John R. Schaller sold 60,452 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $50.57, for a total transaction of $3,057,057.64. Following the completion of the sale, the executive vice president now directly owns 17,898 shares of the company’s stock, valued at approximately $905,101.86. This trade represents a 77.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 184,294 shares of company stock valued at $9,383,685 in the last three months. 3.49% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core & Main

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

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.