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

Core & Main (NYSE:CNM) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday, Zacks reports.

CNM has been the subject of a number of other reports. Northcoast Research cut shares of Core & Main from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 26th. William Blair assumed coverage on shares of Core & Main in a research report on Thursday, July 23rd. They issued a “market perform” rating on the stock. Wall Street Zen lowered shares of Core & Main from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Royal Bank Of Canada cut their target price on shares of Core & Main from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Thursday, September 10th. Finally, Deutsche Bank Aktiengesellschaft set a $55.00 price target on shares of Core & Main in a research report on Thursday, September 10th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $55.64.

Core & Main Stock Up 0.6%

Core & Main stock opened at $41.04 on Monday. The stock has a market capitalization of $7.94 billion, a PE ratio of 16.89, a price-to-earnings-growth ratio of 1.71 and a beta of 0.91. Core & Main has a 12 month low of $40.03 and a 12 month high of $59.66. The business has a 50 day simple moving average of $44.28 and a 200-day simple moving average of $47.58. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.47 and a quick ratio of 1.51.

Core & Main (NYSE:CNM) last announced its earnings results on Wednesday, September 9th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.03. Core & Main had a return on equity of 25.98% and a net margin of 5.96%.The business had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the prior year, the company posted $0.87 EPS. The business’s quarterly revenue was up 2.5% on a year-over-year basis. On average, analysts anticipate that Core & Main will post 3 EPS for the current fiscal year.

Insider Buying and Selling at Core & Main

In other news, Director James Hope acquired 2,067 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The stock was purchased at an average price of $46.01 per share, with a total value of $95,102.67. Following the completion of the acquisition, the director owned 11,805 shares of the company’s stock, valued at $543,148.05. This trade represents a 21.23% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.51% of the company’s stock.

Institutional Trading of Core & Main

Several hedge funds have recently made changes to their positions in CNM. Capital World Investors increased its holdings in shares of Core & Main by 5.8% during the 4th quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock worth $327,034,000 after buying an additional 344,606 shares during the last quarter. First Trust Advisors LP grew its position in Core & Main by 15.3% in the first quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock worth $302,863,000 after acquiring an additional 812,770 shares during the period. Royal London Asset Management Ltd. increased its stake in Core & Main by 12.5% during the fourth quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company’s stock worth $295,636,000 after acquiring an additional 632,077 shares during the last quarter. Geode Capital Management LLC raised its position in Core & Main by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 3,645,108 shares of the company’s stock valued at $189,474,000 after purchasing an additional 84,657 shares during the period. Finally, KBC Group NV lifted its stake in shares of Core & Main by 4.5% in the 1st quarter. KBC Group NV now owns 2,737,992 shares of the company’s stock valued at $135,257,000 after purchasing an additional 119,076 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc (NYSE: CNM) is a specialized distributor of water, wastewater, storm drainage and fire protection products in the United States. The company supplies infrastructure materials used in the construction, maintenance and repair of public and private utility systems.

Its product offerings include ductile iron and PVC pipe, valves, hydrants, water meters, storm drainage systems, pipe fittings, fire protection equipment and related products. Core & Main also provides services such as product sourcing, technical support, fabrication, field assistance and inventory management to help customers complete infrastructure projects.

Core & Main serves municipalities, utility contractors, water and wastewater authorities, private water companies, civil and site-development contractors, and other industrial customers through a nationwide distribution network.