Zacks Research Downgrades Core & Main (NYSE:CNM) to Hold

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

Several other equities research analysts have also commented on CNM. Royal Bank Of Canada reiterated an “outperform” rating and issued a $63.00 price objective on shares of Core & Main in a research report on Friday, January 9th. Citigroup upped their target price on Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Wells Fargo & Company raised their price target on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Barclays decreased their price target on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Monday, December 1st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Core & Main from $58.00 to $59.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Seven investment 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, the company presently has an average rating of “Moderate Buy” and an average target price of $62.00.

Core & Main Price Performance

CNM stock opened at $57.65 on Monday. Core & Main has a twelve month low of $43.17 and a twelve month high of $67.18. The company has a market capitalization of $11.27 billion, a P/E ratio of 25.40, a PEG ratio of 2.09 and a beta of 0.98. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. The business has a 50 day simple moving average of $54.96 and a 200-day simple moving average of $55.12.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Tuesday, December 9th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.17. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The firm had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter in the prior year, the business posted $0.69 earnings per share. Core & Main’s revenue was up 1.2% compared to the same quarter last year. As a group, equities analysts anticipate that Core & Main will post 2.16 EPS for the current year.

Core & Main declared that its Board of Directors has approved a share buyback program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Core & Main

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Thrivent Financial for Lutherans increased its holdings in shares of Core & Main by 42.4% in the 2nd quarter. Thrivent Financial for Lutherans now owns 208,499 shares of the company’s stock worth $12,583,000 after acquiring an additional 62,096 shares during the period. Wolverine Asset Management LLC bought a new position in Core & Main in the 3rd quarter worth approximately $1,130,000. Jennison Associates LLC grew its position in Core & Main by 41.7% in the third quarter. Jennison Associates LLC now owns 2,087,166 shares of the company’s stock worth $112,352,000 after buying an additional 614,595 shares during the last quarter. Pembroke Management LTD lifted its position in shares of Core & Main by 26.6% during the 3rd quarter. Pembroke Management LTD now owns 909,216 shares of the company’s stock valued at $48,943,000 after acquiring an additional 190,879 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of Core & Main by 286.4% in the 3rd quarter. SG Americas Securities LLC now owns 122,806 shares of the company’s stock worth $6,611,000 after acquiring an additional 91,026 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 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.