Core & Main (NYSE:CNM) Sees Large Volume Increase – Should You Buy?

Core & Main, Inc. (NYSE:CNM) saw strong trading volume on Tuesday . 1,896,669 shares were traded during trading, a decline of 10% from the previous session’s volume of 2,096,056 shares.The stock last traded at $48.1560 and had previously closed at $47.90.

Analyst Ratings Changes

A number of brokerages have commented on CNM. Robert W. Baird upped their price target on Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 10th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $63.00 price objective on shares of Core & Main in a research report on Friday, January 9th. Citigroup increased their target price on shares of Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Finally, Barclays reduced 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 equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $62.00.

Core & Main Trading Down 1.3%

The stock has a market cap of $9.32 billion, a P/E ratio of 21.00, a price-to-earnings-growth ratio of 1.90 and a beta of 0.98. The stock’s 50-day moving average is $54.87 and its two-hundred day moving average is $53.15. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35.

Core & Main declared that its board has approved a stock repurchase plan on Tuesday, December 9th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Core & Main

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley raised its holdings in Core & Main by 8.3% during the 4th quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock valued at $758,079,000 after buying an additional 1,118,145 shares during the period. Capital World Investors increased its position in Core & Main by 5.8% during the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock valued at $327,034,000 after acquiring an additional 344,606 shares during the last quarter. State Street Corp raised its stake in shares of Core & Main by 1.0% in the fourth quarter. State Street Corp now owns 5,733,516 shares of the company’s stock valued at $297,971,000 after acquiring an additional 54,562 shares during the period. Royal London Asset Management Ltd. raised its stake in shares of Core & Main by 12.5% in the fourth quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company’s stock valued at $295,636,000 after acquiring an additional 632,077 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of Core & Main by 38.6% in the 4th quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock worth $276,380,000 after acquiring an additional 1,482,235 shares during the last quarter. 94.19% of the stock is owned by institutional investors.

Core & Main Company Profile

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.