Royal Bank of Canada Cuts Core & Main (NYSE:CNM) Price Target to $60.00

Core & Main (NYSE:CNM - Free Report) had its price objective trimmed by Royal Bank of Canada from $62.00 to $60.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

CNM has been the subject of a number of other research reports. Barclays lifted their target price on shares of Core & Main from $57.00 to $65.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. Citigroup upped their target price on Core & Main from $43.00 to $56.00 and gave the stock a "neutral" rating in a research report on Monday, January 6th. Truist Financial increased their price objective on Core & Main from $38.00 to $56.00 and gave the stock a "hold" rating in a report on Wednesday, December 4th. Loop Capital lifted their target price on shares of Core & Main from $52.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Finally, The Goldman Sachs Group increased their price target on shares of Core & Main from $50.00 to $57.00 and gave the stock a "neutral" rating in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.30.

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Core & Main Price Performance

Shares of CNM traded down $1.47 during trading hours on Wednesday, hitting $48.46. 2,285,425 shares of the company were exchanged, compared to its average volume of 2,270,730. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. Core & Main has a one year low of $37.22 and a one year high of $62.15. The company has a market capitalization of $9.63 billion, a PE ratio of 22.75, a PEG ratio of 2.61 and a beta of 1.05. The firm has a fifty day simple moving average of $51.87 and a 200-day simple moving average of $48.88.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.03). Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business had revenue of $1.70 billion for the quarter, compared to analysts' expectations of $1.67 billion. During the same quarter in the prior year, the firm posted $0.34 EPS. The business's quarterly revenue was up 17.9% compared to the same quarter last year. As a group, sell-side analysts predict that Core & Main will post 2.16 earnings per share for the current year.

Insider Buying and Selling

In related news, President Bradford A. Cowles sold 25,000 shares of the firm's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $54.48, for a total value of $1,362,000.00. Following the completion of the transaction, the president now directly owns 16,010 shares of the company's stock, valued at $872,224.80. This trade represents a 60.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John R. Schaller sold 21,868 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $46.82, for a total transaction of $1,023,859.76. Following the completion of the transaction, the executive vice president now owns 16,452 shares of the company's stock, valued at approximately $770,282.64. This represents a 57.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 184,294 shares of company stock valued at $9,383,685. 3.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Avior Wealth Management LLC boosted its stake in Core & Main by 51.3% in the 4th quarter. Avior Wealth Management LLC now owns 799 shares of the company's stock valued at $41,000 after buying an additional 271 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Core & Main in the 3rd quarter valued at $49,000. UMB Bank n.a. grew its holdings in shares of Core & Main by 246.0% in the 4th quarter. UMB Bank n.a. now owns 962 shares of the company's stock worth $49,000 after purchasing an additional 684 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Core & Main by 30.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company's stock worth $61,000 after purchasing an additional 278 shares during the last quarter. Finally, Blue Trust Inc. increased its position in shares of Core & Main by 187.4% during the 4th quarter. Blue Trust Inc. now owns 1,273 shares of the company's stock worth $65,000 after purchasing an additional 830 shares in the last quarter. Institutional investors and hedge funds own 94.19% of the company's stock.

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.