Core & Main (NYSE:CNM) Stock Price Crosses Below 200-Day Moving Average – Here’s Why

Core & Main, Inc. (NYSE:CNM)’s stock price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $47.79 and traded as low as $46.32. Core & Main shares last traded at $46.9260, with a volume of 3,434,191 shares traded.

Analyst Ratings Changes

A number of research firms recently weighed in on CNM. Jefferies Financial Group initiated coverage on shares of Core & Main in a research report on Wednesday. They set a “buy” rating and a $53.00 price target on the stock. Wolfe Research assumed coverage on shares of Core & Main in a report on Tuesday, September 15th. They issued an “outperform” rating and a $63.00 price objective for the company. William Blair assumed coverage on shares of Core & Main in a research note on Thursday, July 23rd. They issued a “market perform” rating on the stock. Royal Bank Of Canada lowered their target price on Core & Main from $60.00 to $57.00 and set an “outperform” rating on the stock in a report on Wednesday, October 7th. Finally, Truist Financial lowered their target price on Core & Main from $50.00 to $45.00 and set a “hold” rating on the stock in a report on Thursday, September 10th. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.27.

Core & Main Trading Down 3.5%

The company has a current ratio of 2.47, a quick ratio of 1.51 and a debt-to-equity ratio of 1.16. The company has a fifty day simple moving average of $42.45 and a 200-day simple moving average of $47.79. The company has a market capitalization of $8.94 billion, a PE ratio of 19.31, a PEG ratio of 2.04 and a beta of 0.91.

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, topping analysts’ consensus estimates of $0.91 by $0.03. Core & Main had a return on equity of 25.98% and a net margin of 5.96%. The business had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same period last year, the company earned $0.87 EPS. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. Analysts predict that Core & Main, Inc. will post 3.00 EPS for the current year.

Institutional Investors Weigh In On Core & Main

A number of hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC acquired a new stake in Core & Main during the first quarter worth about $40,217,000. First Trust Advisors LP boosted 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 purchasing an additional 812,770 shares during the last quarter. Bornite Capital Management LP acquired a new position in Core & Main in the 2nd quarter valued at about $36,622,000. Boston Trust Walden Corp boosted its holdings in Core & Main by 177.8% in the 3rd quarter. Boston Trust Walden Corp now owns 439,722 shares of the company’s stock valued at $18,240,000 after purchasing an additional 281,441 shares during the last quarter. Finally, Edgestream Partners L.P. boosted its holdings in Core & Main by 818.0% in the 1st quarter. Edgestream Partners L.P. now owns 201,577 shares of the company’s stock valued at $9,958,000 after purchasing an additional 179,618 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 is a distributor of specialized products for public and private infrastructure in the United States. The company primarily serves municipalities, contractors, and other customers involved in water, wastewater, storm drainage, and fire protection projects.

Its product offerings include water, sewer, and storm drainage pipe; valves, hydrants, and related waterworks products; fire protection equipment; and geosynthetic and other stormwater management products. Core & Main also provides product expertise, technical support, and related services to help customers plan and complete infrastructure projects.

The company traces its roots to the waterworks distribution business formerly operated by HD Supply.