Core & Main (NYSE:CNM) Sets New 12-Month Low After Analyst Downgrade

Core & Main, Inc. (NYSE:CNM)’s stock price reached a new 52-week low during trading on Wednesday after Royal Bank Of Canada lowered their price target on the stock from $60.00 to $57.00. Royal Bank Of Canada currently has an outperform rating on the stock. Core & Main traded as low as $39.64 and last traded at $39.5950, with a volume of 352104 shares trading hands. The stock had previously closed at $42.10.

Several other research firms also recently weighed in on CNM. Zacks Research downgraded shares of Core & Main from a “hold” rating to a “strong sell” rating in a report on Monday, September 14th. Wells Fargo & Company decreased their target price on Core & Main from $65.00 to $48.00 and set an “overweight” rating for the company in a research note on Thursday, September 10th. The Goldman Sachs Group restated a “neutral” rating and issued a $53.00 price objective on shares of Core & Main in a research note on Thursday, September 10th. William Blair started coverage on shares of Core & Main in a research report on Thursday, July 23rd. They set a “market perform” rating on the stock. Finally, Wolfe Research reaffirmed an “outperform” rating and set a $63.00 price objective on shares of Core & Main in a research note on Tuesday, September 15th. Seven 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $54.40.

Institutional Investors Weigh In On Core & Main

A number of hedge funds and other institutional investors have recently modified their holdings of CNM. Capital World Investors increased its stake in Core & Main by 5.8% in the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock valued at $327,034,000 after purchasing an additional 344,606 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Core & Main by 15.3% during the first quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock worth $302,863,000 after purchasing an additional 812,770 shares in the last quarter. Royal London Asset Management Ltd. grew its position in 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 in the last quarter. KBC Group NV increased its stake in Core & Main by 4.5% during the 1st quarter. KBC Group NV now owns 2,737,992 shares of the company’s stock worth $135,257,000 after buying an additional 119,076 shares during the period. Finally, Bessemer Group Inc. boosted its holdings in Core & Main by 2.8% in the first quarter. Bessemer Group Inc. now owns 2,663,161 shares of the company’s stock valued at $131,561,000 after purchasing an additional 72,712 shares during the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Stock Performance

The company has a 50 day moving average price of $43.60 and a 200 day moving average price of $46.67. The company has a market capitalization of $7.55 billion, a PE ratio of 16.28, a PEG ratio of 1.75 and a beta of 0.91. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.51 and a current ratio of 2.47.

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

Core & Main Company Profile

Core & Main, Inc (NYSE: CNM) is a specialized distributor of infrastructure products serving the water, wastewater, storm drainage, fire protection and related utility markets. The company supplies products used to build, repair and maintain essential public and private infrastructure across the United States.

Its product portfolio includes ductile iron and plastic pipe, valves, hydrants, water meters, fittings, and other waterworks components. Core & Main also distributes stormwater drainage products, fire protection equipment and related solutions.