Core & Main, Inc. (NYSE:CNM) Receives $62.00 Consensus Target Price from Brokerages

Core & Main, Inc. (NYSE:CNM) has earned a consensus recommendation of “Moderate Buy” from the twelve analysts that are presently covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $62.00.

CNM has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Robert W. Baird increased their price objective on shares of Core & Main from $62.00 to $64.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 10th. Citigroup lifted their target price on shares of Core & Main from $56.00 to $60.00 and gave the company a “neutral” rating in a report on Thursday, January 8th. Wells Fargo & Company boosted their target price on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $63.00 price target on shares of Core & Main in a research note on Friday, January 9th.

Core & Main Stock Down 0.3%

Shares of CNM opened at $47.38 on Thursday. The company’s 50-day moving average price is $54.54 and its 200 day moving average price is $52.91. Core & Main has a 12-month low of $43.17 and a 12-month high of $67.18. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 1.04. The firm has a market cap of $9.26 billion, a P/E ratio of 20.87, a price-to-earnings-growth ratio of 1.86 and a beta of 0.98.

Core & Main declared that its board has authorized a stock repurchase plan on Tuesday, December 9th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Core & Main

Hedge funds have recently made changes to their positions in the business. Capital World Investors increased its position in shares of Core & Main by 294.9% during the third quarter. Capital World Investors now owns 5,948,134 shares of the company’s stock worth $320,188,000 after acquiring an additional 4,442,047 shares during the period. Norges Bank acquired a new stake in Core & Main in the 4th quarter valued at about $108,265,000. Holocene Advisors LP purchased a new position in shares of Core & Main in the 3rd quarter valued at about $100,765,000. First Trust Advisors LP grew its position in shares of Core & Main by 38.6% during the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock worth $276,380,000 after buying an additional 1,482,235 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new position in shares of Core & Main during the third quarter worth about $67,284,000. Institutional investors and hedge funds 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.