Royal Bank Of Canada Cuts Core & Main (NYSE:CNM) Price Target to $57.00

Core & Main (NYSE:CNM) had its price target reduced by equities research analysts at Royal Bank Of Canada from $60.00 to $57.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would indicate a potential upside of 40.68% from the stock’s previous close.

CNM has been the subject of a number of other research reports. Citigroup decreased their price target on shares of Core & Main from $53.00 to $46.00 and set a “neutral” rating for the company in a research report on Friday, September 11th. The Goldman Sachs Group reiterated a “neutral” rating and set a $53.00 price target on shares of Core & Main in a research report on Thursday, September 10th. Northcoast Research downgraded Core & Main from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 26th. William Blair began coverage on Core & Main in a report on Thursday, July 23rd. They issued a “market perform” rating for the company. Finally, Wolfe Research reissued an “outperform” rating and set a $63.00 target price on shares of Core & Main in a research note on Tuesday, September 15th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $54.40.

Core & Main Stock Performance

Core & Main stock opened at $40.52 on Wednesday. The stock’s 50 day moving average price is $43.60 and its 200 day moving average price is $46.67. The firm has a market capitalization of $7.72 billion, a PE ratio of 16.73, a price-to-earnings-growth 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 has a one year low of $40.03 and a one year high of $59.66.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Wednesday, September 9th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.03. The company had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.14 billion. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. Core & Main’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the company earned $0.87 earnings per share. As a group, sell-side analysts expect that Core & Main will post 3 EPS for the current fiscal year.

Institutional Investors Weigh In On Core & Main

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. boosted its stake in Core & Main by 1,660.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 932,323 shares of the company’s stock valued at $46,057,000 after purchasing an additional 879,360 shares during the period. Renaissance Technologies LLC bought a new position in Core & Main in the first quarter worth $40,217,000. First Trust Advisors LP increased its holdings in Core & Main by 15.3% in the 1st quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock valued at $302,863,000 after buying an additional 812,770 shares during the period. Bornite Capital Management LP bought a new stake in Core & Main in the 2nd quarter valued at $36,622,000. Finally, Royal London Asset Management Ltd. raised its stake in shares of Core & Main by 12.5% in the 4th quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company’s stock valued at $295,636,000 after buying an additional 632,077 shares in 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 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.