Core & Main (NYSE:CNM) Hits New 12-Month Low – What’s Next?

Shares of Core & Main, Inc. (NYSE:CNM) hit a new 52-week low during trading on Monday . The stock traded as low as $43.86 and last traded at $43.8640, with a volume of 998122 shares. The stock had previously closed at $45.24.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CNM. The Goldman Sachs Group reissued a “neutral” rating and issued a $24.00 price target on shares of Core & Main in a report on Thursday, June 11th. Citigroup reduced their price objective on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Finally, Barclays dropped their price target on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Wednesday, March 25th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.73.

Core & Main Trading Up 1.3%

The firm has a market cap of $8.50 billion, a P/E ratio of 18.60, a price-to-earnings-growth ratio of 1.52 and a beta of 0.91. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.00. The company’s fifty day moving average price is $47.55 and its two-hundred day moving average price is $51.01.

Insider Buying and Selling

In other news, Director James D. Hope acquired 2,067 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were purchased at an average cost of $46.01 per share, with a total value 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 represents a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CNM. Cubist Systematic Strategies LLC increased its holdings in Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after purchasing an additional 524 shares in the last quarter. AQR Capital Management LLC acquired a new position in Core & Main in the first quarter worth $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Core & Main by 36.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,576 shares of the company’s stock worth $1,719,000 after purchasing an additional 9,534 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Core & Main by 23.1% during the first quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company’s stock worth $14,106,000 after purchasing an additional 54,854 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after purchasing an additional 269 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Company Profile

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.