Core & Main, Inc. (NYSE:CNM) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Core & Main, Inc. (NYSE:CNM) have been assigned an average recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $62.00.

Several research firms have issued reports on CNM. Royal Bank Of Canada reiterated an “outperform” rating and set a $63.00 target price on shares of Core & Main in a research report on Friday, January 9th. Wells Fargo & Company raised their price target on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Zacks Research downgraded Core & Main from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 9th. Barclays dropped their price objective on Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Monday, December 1st. Finally, Robert W. Baird increased their price objective on Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 10th.

Institutional Trading of Core & Main

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Deutsche Bank AG grew its position in Core & Main by 1.1% during the fourth quarter. Deutsche Bank AG now owns 17,859 shares of the company’s stock worth $928,000 after buying an additional 190 shares during the period. Modern Wealth Management LLC boosted its stake in shares of Core & Main by 5.8% during the 3rd quarter. Modern Wealth Management LLC now owns 3,970 shares of the company’s stock worth $214,000 after acquiring an additional 218 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Core & Main by 13.8% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,959 shares of the company’s stock worth $109,000 after acquiring an additional 237 shares in the last quarter. Johnson Investment Counsel Inc. grew its holdings in shares of Core & Main by 0.6% in the 3rd quarter. Johnson Investment Counsel Inc. now owns 43,070 shares of the company’s stock worth $2,318,000 after acquiring an additional 244 shares during the period. Finally, Wedmont Private Capital grew its holdings in shares of Core & Main by 5.6% in the 3rd quarter. Wedmont Private Capital now owns 4,733 shares of the company’s stock worth $241,000 after acquiring an additional 251 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Trading Up 2.1%

NYSE CNM opened at $48.41 on Thursday. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $9.46 billion, a P/E ratio of 21.32, a P/E/G ratio of 1.86 and a beta of 0.98. Core & Main has a 52-week low of $43.17 and a 52-week high of $67.18. The firm has a 50-day moving average price of $54.38 and a 200 day moving average price of $52.70.

Core & Main declared that its board has authorized a share buyback program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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.