Core & Main (NYSE:CNM) Lowered to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of Core & Main (NYSE:CNM) from a strong-buy rating to a hold rating in a research report released on Monday morning,Zacks.com reports.

A number of other analysts have also issued reports on CNM. Royal Bank Of Canada reissued an “outperform” rating and issued a $63.00 price target on shares of Core & Main in a research note on Friday, January 9th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Robert W. Baird boosted their target price on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, December 10th. Wells Fargo & Company increased their price target on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Finally, Barclays lowered their price objective on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Monday, December 1st. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $62.00.

Core & Main Trading Up 1.6%

Core & Main stock opened at $57.65 on Monday. The stock has a 50-day moving average price of $54.96 and a 200 day moving average price of $55.12. Core & Main has a 52 week low of $43.17 and a 52 week high of $67.18. The stock has a market cap of $11.27 billion, a PE ratio of 25.40, a P/E/G ratio of 2.09 and a beta of 0.98. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Tuesday, December 9th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.17. The company had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.06 billion. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the company earned $0.69 EPS. Equities research analysts predict that Core & Main will post 2.16 earnings per share for the current fiscal year.

Core & Main announced that its Board of Directors has authorized a share repurchase program on Tuesday, December 9th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Core & Main

Several institutional investors and hedge funds have recently modified their holdings of the stock. WINTON GROUP Ltd raised its holdings in shares of Core & Main by 177.4% during the 4th quarter. WINTON GROUP Ltd now owns 33,015 shares of the company’s stock valued at $1,716,000 after buying an additional 21,113 shares during the period. Regency Capital Management Inc. DE lifted its position in shares of Core & Main by 57.4% during the fourth quarter. Regency Capital Management Inc. DE now owns 28,675 shares of the company’s stock worth $1,490,000 after purchasing an additional 10,455 shares in the last quarter. State of Wyoming boosted its stake in shares of Core & Main by 100.3% in the fourth quarter. State of Wyoming now owns 9,264 shares of the company’s stock valued at $481,000 after purchasing an additional 4,639 shares during the period. Goldman Sachs Group Inc. grew its holdings in Core & Main by 5.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 440,437 shares of the company’s stock valued at $22,890,000 after purchasing an additional 22,033 shares in the last quarter. Finally, Bridges Investment Management Inc. purchased a new stake in Core & Main during the 4th quarter worth $251,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.