Wells Fargo & Company Issues Pessimistic Forecast for Core & Main (NYSE:CNM) Stock Price

Core & Main (NYSE:CNM) had its price objective decreased by equities researchers at Wells Fargo & Company from $60.00 to $55.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 10.58% from the stock’s current price.

Several other equities research analysts also recently commented on the stock. The Goldman Sachs Group decreased their target price on shares of Core & Main from $68.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, September 12th. Royal Bank Of Canada lowered their price target on Core & Main from $67.00 to $62.00 and set an “outperform” rating on the stock in a report on Wednesday, September 10th. UBS Group initiated coverage on shares of Core & Main in a research report on Monday, September 29th. They set a “buy” rating and a $65.00 price target on the stock. Zacks Research upgraded shares of Core & Main from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Finally, Citigroup cut their price objective on Core & Main from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 10th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $60.00.

Core & Main Stock Performance

NYSE:CNM traded down $0.26 during mid-day trading on Thursday, reaching $49.74. 324,404 shares of the company’s stock were exchanged, compared to its average volume of 2,203,931. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.30 and a current ratio of 2.25. The firm has a market capitalization of $9.82 billion, a PE ratio of 22.20, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The business’s fifty day simple moving average is $50.51 and its two-hundred day simple moving average is $56.44. Core & Main has a one year low of $43.17 and a one year high of $67.18.

Core & Main (NYSE:CNM) last released its earnings results on Tuesday, September 9th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.08. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The firm had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.12 billion. During the same period in the prior year, the company earned $0.61 earnings per share. The company’s quarterly revenue was up 6.6% on a year-over-year basis. Analysts anticipate that Core & Main will post 2.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Core & Main

A number of institutional investors and hedge funds have recently made changes to their positions in CNM. Enhancing Capital LLC grew its holdings in shares of Core & Main by 0.6% in the first quarter. Enhancing Capital LLC now owns 31,846 shares of the company’s stock valued at $1,538,000 after purchasing an additional 196 shares in the last quarter. Bfsg LLC lifted its position in shares of Core & Main by 56.4% during the 2nd quarter. Bfsg LLC now owns 560 shares of the company’s stock worth $34,000 after buying an additional 202 shares during the last quarter. Modern Wealth Management LLC boosted its stake in Core & Main by 5.8% in the third quarter. Modern Wealth Management LLC now owns 3,970 shares of the company’s stock valued at $214,000 after acquiring an additional 218 shares in the last quarter. Johnson Investment Counsel Inc. grew its stake in Core & Main by 0.6% during the 3rd quarter. Johnson Investment Counsel Inc. now owns 43,070 shares of the company’s stock worth $2,318,000 after buying an additional 244 shares during the last quarter. Finally, Wedmont Private Capital increased its stake in Core & Main by 5.6% in the third quarter. Wedmont Private Capital now owns 4,733 shares of the company’s stock valued at $241,000 after purchasing an additional 251 shares during the period. 94.19% of the stock is owned by hedge funds and other institutional investors.

About Core & Main

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.