Wells Fargo & Company Forecasts Strong Price Appreciation for Core & Main (NYSE:CNM) Stock

Core & Main (NYSE:CNM - Free Report) had its price target increased by Wells Fargo & Company from $62.00 to $65.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts have also issued reports on the company. Truist Financial upped their price objective on Core & Main from $38.00 to $56.00 and gave the company a "hold" rating in a research note on Wednesday, December 4th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $62.00 price target (up previously from $53.00) on shares of Core & Main in a report on Wednesday, December 4th. Barclays upped their price objective on shares of Core & Main from $57.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday, December 4th. Citigroup raised their target price on shares of Core & Main from $43.00 to $56.00 and gave the stock a "neutral" rating in a research note on Monday, January 6th. Finally, The Goldman Sachs Group lifted their target price on shares of Core & Main from $50.00 to $57.00 and gave the stock a "neutral" rating in a report on Thursday, December 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $57.60.

Core & Main Stock Up 1.5 %

CNM traded up $0.84 during trading on Tuesday, reaching $55.32. 1,076,980 shares of the stock were exchanged, compared to its average volume of 1,607,191. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. The stock's 50 day moving average price is $53.04 and its two-hundred day moving average price is $48.49. Core & Main has a twelve month low of $37.22 and a twelve month high of $62.15. The stock has a market cap of $10.99 billion, a P/E ratio of 25.97, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03.

Core & Main (NYSE:CNM - Get Free Report) last released 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 net margin of 5.71% and a return on equity of 24.71%. The company had revenue of $2.04 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same period in the previous year, the business earned $0.65 EPS. Core & Main's revenue for the quarter was up 11.5% compared to the same quarter last year. Equities analysts expect that Core & Main will post 2.16 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Mark G. Whittenburg sold 50,000 shares of the stock in a transaction 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 sale, the general counsel now directly owns 7,667 shares of the company's stock, valued at approximately $387,106.83. This represents a 86.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Stephen O. Leclair sold 200,000 shares of the company's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the sale, the chief executive officer now directly owns 92,349 shares of the company's stock, valued at $5,068,113.12. This represents a 68.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 427,426 shares of company stock worth $22,923,825 in the last quarter. Corporate insiders own 3.49% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new stake in shares of Core & Main in the 2nd quarter valued at $840,000. GAMMA Investing LLC lifted 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 buying an additional 511 shares during the last quarter. Sendero Wealth Management LLC boosted its stake in Core & Main by 21.7% in the third quarter. Sendero Wealth Management LLC now owns 14,529 shares of the company's stock valued at $645,000 after buying an additional 2,588 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its position in Core & Main by 24.6% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 50,700 shares of the company's stock valued at $2,251,000 after acquiring an additional 10,000 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new position in Core & Main in the third quarter valued at about $31,000. 94.19% of the stock is owned by institutional investors.

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.