Core & Main (NYSE:CNM) Given New $60.00 Price Target at Barclays

Core & Main (NYSE:CNM) had its target price reduced by equities researchers at Barclays from $61.00 to $60.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price would suggest a potential upside of 31.89% from the company’s current price.

CNM has been the subject of a number of other research reports. Jefferies Financial Group assumed coverage on shares of Core & Main in a research report on Wednesday, November 4th. They issued a “buy” rating and a $53.00 target price for the company. Northcoast Research downgraded shares of Core & Main from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 26th. The Goldman Sachs Group restated a “neutral” rating and set a $53.00 price target on shares of Core & Main in a research report on Thursday, September 10th. Wall Street Zen raised shares of Core & Main from a “hold” rating to a “buy” rating in a research note on Sunday, October 18th. Finally, Robert W. Baird decreased their price objective on shares of Core & Main from $57.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and an average target price of $53.91.

Core & Main Stock Performance

Core & Main stock traded down $1.95 during mid-day trading on Wednesday, hitting $45.49. 509,128 shares of the company’s stock traded hands, compared to its average volume of 2,343,631. 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 one year low of $39.42 and a one year high of $59.66. The firm has a 50 day moving average price of $42.68 and a 200 day moving average price of $47.62. The company has a market cap of $8.67 billion, a PE ratio of 18.72, a price-to-earnings-growth ratio of 2.00 and a beta of 0.91.

Core & Main (NYSE:CNM) last released its quarterly earnings results 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. The company had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.14 billion. Core & Main had a return on equity of 25.98% and a net margin of 5.96%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.87 earnings per share. On average, equities analysts forecast that Core & Main will post 3.00 EPS for the current year.

Institutional Investors Weigh In On Core & Main

A number of institutional investors and hedge funds have recently modified their holdings of CNM. Renaissance Technologies LLC acquired a new position in shares of Core & Main in the 1st quarter worth $40,217,000. First Trust Advisors LP raised its position in shares of Core & Main by 15.3% during the first quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock worth $302,863,000 after purchasing an additional 812,770 shares during the period. Bornite Capital Management LP purchased a new stake in shares of Core & Main during the second quarter valued at $36,622,000. Impax Asset Management Group plc lifted its holdings in shares of Core & Main by 14.9% during the third quarter. Impax Asset Management Group plc now owns 4,829,730 shares of the company’s stock valued at $200,337,000 after purchasing an additional 626,112 shares during the last quarter. Finally, Boston Trust Walden Corp lifted its holdings in shares of Core & Main by 177.8% during the third quarter. Boston Trust Walden Corp now owns 439,722 shares of the company’s stock valued at $18,240,000 after purchasing an additional 281,441 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc. is a distributor of products and services used in water, wastewater, storm drainage, and fire protection infrastructure. Its customers include municipalities, water utilities, contractors, and other commercial and industrial organizations. The company offers products such as pipe, valves, fittings, hydrants, meters, and related supplies. It also provides services supporting infrastructure projects, including product fabrication and technical assistance. Based in St. Louis, Missouri, Core & Main serves customers across the United States through a network of branches.