Core & Main (NYSE:CNM) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Core & Main (NYSE:CNM) from a hold rating to a buy rating in a research report report published on Sunday,Wall Street Zen reports.

A number of other brokerages have also recently issued reports on CNM. Wells Fargo & Company reduced their target price on Core & Main from $65.00 to $48.00 and set an “overweight” rating on the stock in a report on Thursday, September 10th. Royal Bank Of Canada decreased their target price on Core & Main from $60.00 to $57.00 and set an “outperform” rating for the company in a research report on Wednesday, October 7th. Wolfe Research reaffirmed an “outperform” rating and issued a $63.00 price target on shares of Core & Main in a research note on Tuesday, September 15th. Robert W. Baird cut their price target on shares of Core & Main from $66.00 to $57.00 and set an “outperform” rating on the stock in a research report on Thursday, September 10th. Finally, Northcoast Research downgraded shares of Core & Main from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 26th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $54.40.

Core & Main Stock Performance

Core & Main stock opened at $41.96 on Friday. The stock has a 50-day simple moving average of $42.92 and a 200 day simple moving average of $46.23. The company has a quick ratio of 1.51, a current ratio of 2.47 and a debt-to-equity ratio of 1.16. Core & Main has a 12-month low of $39.42 and a 12-month high of $59.66. The stock has a market capitalization of $7.99 billion, a price-to-earnings ratio of 17.27, a P/E/G ratio of 1.76 and a beta of 0.91.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Wednesday, September 9th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.03. Core & Main had a return on equity of 25.98% and a net margin of 5.96%. The firm had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the prior year, the business earned $0.87 EPS. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, research analysts anticipate that Core & Main will post 3.00 earnings per share for the current fiscal year.

Institutional Trading of Core & Main

A number of institutional investors have recently modified their holdings of CNM. Assenagon Asset Management S.A. increased its position in shares of Core & Main by 1,660.3% in the first quarter. Assenagon Asset Management S.A. now owns 932,323 shares of the company’s stock valued at $46,057,000 after acquiring an additional 879,360 shares during the last quarter. Renaissance Technologies LLC bought a new stake in Core & Main during the first quarter worth about $40,217,000. First Trust Advisors LP boosted its position in Core & Main by 15.3% during the first 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 during the second quarter valued at approximately $36,622,000. Finally, E. Ohman J or Asset Management AB boosted its position in Core & Main by 561.3% during the first quarter. E. Ohman J or Asset Management AB now owns 310,530 shares of the company’s stock valued at $15,340,000 after purchasing an additional 263,574 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

About Core & Main

Core & Main, Inc (NYSE: CNM) is a specialized distributor of infrastructure products serving the water, wastewater, storm drainage, fire protection and related utility markets. The company supplies products used to build, repair and maintain essential public and private infrastructure across the United States.

Its product portfolio includes ductile iron and plastic pipe, valves, hydrants, water meters, fittings, and other waterworks components. Core & Main also distributes stormwater drainage products, fire protection equipment and related solutions.