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

Core & Main (NYSE:CNM) had its price target raised by Wells Fargo & Company from $52.00 to $62.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts have also commented on CNM. Royal Bank of Canada reissued an “outperform” rating and issued a $62.00 price objective (up previously from $53.00) on shares of Core & Main in a research report on Wednesday. Loop Capital cut their price target on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. Truist Financial raised their price objective on Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a report on Wednesday. The Goldman Sachs Group lowered their target price on Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Finally, Bank of America reduced their price target on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.10.

Core & Main Price Performance

Shares of NYSE CNM opened at $53.86 on Thursday. The company has a fifty day moving average price of $45.60 and a 200 day moving average price of $48.11. Core & Main has a 1-year low of $35.70 and a 1-year high of $62.15. The firm has a market cap of $10.83 billion, a PE ratio of 25.30, a PEG ratio of 3.59 and a beta of 1.04. The company has a current ratio of 2.14, a quick ratio of 1.34 and a debt-to-equity ratio of 1.36.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The company had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $1.99 billion. During the same period in the prior year, the firm earned $0.65 earnings per share. Core & Main’s revenue for the quarter was up 11.5% compared to the same quarter last year. Research analysts predict that Core & Main will post 2.14 earnings per share for the current fiscal year.

Insider Activity at Core & Main

In related news, CEO Stephen O. Leclair sold 200,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total value of $10,976,000.00. Following the transaction, the chief executive officer now owns 92,349 shares in the company, valued at approximately $5,068,113.12. This represents a 68.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Bradford A. Cowles sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $55.07, for a total transaction of $2,753,500.00. Following the sale, the president now owns 18,423 shares of the company’s stock, valued at $1,014,554.61. This trade represents a 73.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 290,000 shares of company stock worth $15,926,000. Company insiders own 3.49% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new position in shares of Core & Main in the third quarter valued at about $26,000. ORG Wealth Partners LLC acquired a new stake in Core & Main in the 3rd quarter worth about $31,000. Wilmington Savings Fund Society FSB bought a new stake in Core & Main in the 3rd quarter valued at about $49,000. GAMMA Investing LLC grew its position in shares of Core & Main by 61.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after purchasing an additional 511 shares in the last quarter. Finally, Brown Brothers Harriman & Co. bought a new position in shares of Core & Main during the second quarter worth approximately $76,000. Institutional investors own 94.19% of the company’s stock.

Core & Main Company Profile

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.