Royal Bank of Canada Issues Pessimistic Forecast for Core & Main (NYSE:CNM) Stock Price

Core & Main (NYSE:CNM) had its price objective cut by stock analysts at Royal Bank of Canada from $62.00 to $60.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 20.11% from the company’s previous close.

Several other research firms have also weighed in on CNM. Citigroup boosted their target price on Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Barclays upped their price objective on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Truist Financial lifted their target price on shares of Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. The Goldman Sachs Group upped their price target on shares of Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday, December 5th. Finally, Robert W. Baird dropped their price objective on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.30.

Core & Main Stock Up 0.9 %

Core & Main stock opened at $49.96 on Wednesday. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. Core & Main has a 1-year low of $37.22 and a 1-year high of $62.15. The firm’s fifty day simple moving average is $52.00 and its 200-day simple moving average is $48.74. The company has a market capitalization of $9.92 billion, a P/E ratio of 23.45, a P/E/G ratio of 2.61 and a beta of 1.05.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.03). The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.67 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. Core & Main’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter last year, the business earned $0.34 earnings per share. Sell-side analysts forecast that Core & Main will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Mark G. Whittenburg sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $50.49, for a total transaction of $2,524,500.00. Following the completion of the transaction, the general counsel now owns 7,667 shares in the company, valued at $387,106.83. This trade represents a 86.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John R. Schaller sold 21,868 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $46.82, for a total value of $1,023,859.76. Following the completion of the sale, the executive vice president now owns 16,452 shares in the company, valued at $770,282.64. This trade represents a 57.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 184,294 shares of company stock valued at $9,383,685 over the last ninety days. 3.49% of the stock is owned by company insiders.

Institutional Investors Weigh In On Core & Main

Large investors have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in Core & Main in the fourth quarter valued at about $115,555,000. PointState Capital LP bought a new position in shares of Core & Main in the third quarter valued at approximately $100,013,000. Norges Bank acquired a new position in shares of Core & Main in the 4th quarter worth approximately $99,734,000. FMR LLC grew its position in Core & Main by 28.0% during the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock worth $386,151,000 after acquiring an additional 1,903,280 shares during the last quarter. Finally, Impax Asset Management Group plc raised its position in Core & Main by 70.4% in the 4th quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company’s stock valued at $174,661,000 after purchasing an additional 1,416,907 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Company Profile

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.