Barclays Cuts Core & Main (NYSE:CNM) Price Target to $62.00

Core & Main (NYSE:CNM) had its target price reduced by Barclays from $63.00 to $62.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other brokerages have also commented on CNM. Citigroup upped their price objective on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Wells Fargo & Company boosted their price objective on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. JPMorgan Chase & Co. raised their target price on Core & Main from $58.00 to $59.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Royal Bank Of Canada reiterated an “outperform” rating and set a $63.00 price target on shares of Core & Main in a research note on Friday, January 9th. Finally, Zacks Research downgraded Core & Main from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 9th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.64.

Core & Main Price Performance

Shares of NYSE:CNM opened at $48.11 on Wednesday. The business has a 50 day moving average price of $53.77 and a 200 day moving average price of $52.43. Core & Main has a twelve month low of $43.17 and a twelve month high of $67.18. The company has a market cap of $9.41 billion, a price-to-earnings ratio of 20.83, a PEG ratio of 1.77 and a beta of 0.98. The company has a quick ratio of 1.35, a current ratio of 2.63 and a debt-to-equity ratio of 1.02.

Core & Main announced that its Board of Directors has authorized a share buyback plan on Tuesday, December 9th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Core & Main

Institutional investors have recently modified their holdings of the stock. Capital World Investors boosted its stake in Core & Main by 294.9% during the 3rd quarter. Capital World Investors now owns 5,948,134 shares of the company’s stock worth $320,188,000 after acquiring an additional 4,442,047 shares during the last quarter. Norges Bank bought a new stake in shares of Core & Main in the 4th quarter valued at $108,265,000. Holocene Advisors LP acquired a new stake in Core & Main during the 3rd quarter worth $100,765,000. First Trust Advisors LP grew its stake in Core & Main by 38.6% in the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock valued at $276,380,000 after acquiring an additional 1,482,235 shares during the period. Finally, Zurich Insurance Group Ltd FI acquired a new position in Core & Main in the third quarter valued at about $67,284,000. 94.19% of the stock is owned by institutional investors.

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.