Core & Main (NYSE:CNM) Cut to “Neutral” at Northcoast Research

Core & Main (NYSE:CNM) was downgraded by equities research analysts at Northcoast Research from a “buy” rating to a “neutral” rating in a research note issued on Wednesday, Marketbeat reports.

Several other research firms have also issued reports on CNM. The Goldman Sachs Group restated a “neutral” rating and issued a $24.00 price target on shares of Core & Main in a research report on Thursday, June 11th. Citigroup cut their price objective on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a research report on Thursday, June 11th. William Blair started coverage on shares of Core & Main in a research note on Thursday, July 23rd. They issued a “market perform” rating for the company. Finally, Wall Street Zen downgraded Core & Main from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.70.

Core & Main Trading Down 0.5%

Shares of Core & Main stock opened at $44.16 on Wednesday. Core & Main has a 1 year low of $41.88 and a 1 year high of $67.18. The company’s fifty day simple moving average is $45.57 and its 200-day simple moving average is $49.07. The company has a market cap of $8.54 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 1.53 and a beta of 0.92. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.00.

Insider Activity at Core & Main

In other news, Director James D. Hope bought 2,067 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was acquired at an average cost of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the purchase, the director owned 11,805 shares of the company’s stock, valued at $543,148.05. This trade represents a 21.23% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.51% of the company’s stock.

Institutional Trading of Core & Main

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Morgan Stanley raised its position in Core & Main by 8.3% in the fourth quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock worth $758,079,000 after purchasing an additional 1,118,145 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Core & Main by 4,688.8% in the 2nd quarter. California State Teachers Retirement System now owns 10,532,203 shares of the company’s stock valued at $508,179,000 after purchasing an additional 10,312,269 shares during the period. Capital World Investors raised its holdings in shares of Core & Main by 5.8% in the 4th quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock worth $327,034,000 after buying an additional 344,606 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Core & Main by 15.3% in the 1st quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock worth $302,863,000 after buying an additional 812,770 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Core & Main by 1.0% during the 4th quarter. State Street Corp now owns 5,733,516 shares of the company’s stock worth $297,971,000 after buying an additional 54,562 shares during the period. Institutional investors own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.