Core & Main (NYSE:CNM) Sets New 52-Week Low – What’s Next?

Core & Main, Inc. (NYSE:CNM) hit a new 52-week low on Tuesday . The stock traded as low as $41.87 and last traded at $41.98, with a volume of 1459206 shares traded. The stock had previously closed at $42.96.

Wall Street Analysts Forecast Growth

CNM has been the subject of a number of analyst reports. Northcoast Research cut Core & Main from a “buy” rating to a “neutral” rating in a report on Wednesday, August 26th. Wall Street Zen downgraded shares of Core & Main from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Citigroup dropped their price target on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a research note on Thursday, June 11th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $24.00 price objective on shares of Core & Main in a report on Thursday, June 11th. Finally, William Blair assumed coverage on shares of Core & Main in a research report on Thursday, July 23rd. They issued a “market perform” rating for the company. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $56.70.

Core & Main Trading Up 0.8%

The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00. The firm’s 50 day moving average is $45.06 and its two-hundred day moving average is $48.47. The stock has a market cap of $8.53 billion, a price-to-earnings ratio of 18.69, a price-to-earnings-growth ratio of 1.45 and a beta of 0.91.

Insider Buying and Selling at Core & Main

In related news, Director James D. Hope bought 2,067 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was purchased at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the transaction, the director directly owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. This represents a 21.23% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Core & Main in the 2nd quarter worth approximately $4,461,000. California State Teachers Retirement System lifted its stake in Core & Main by 4,688.8% during the second 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 last quarter. AlphaGrep UK Ltd bought a new stake in Core & Main during the second quarter worth approximately $419,000. Concurrent Investment Advisors LLC grew its position in Core & Main by 12.5% in the second quarter. Concurrent Investment Advisors LLC now owns 6,092 shares of the company’s stock worth $294,000 after buying an additional 679 shares during the last quarter. Finally, iSAM Funds UK Ltd acquired a new position in Core & Main in the second quarter worth approximately $207,000. 94.19% of the stock is owned by institutional investors and hedge funds.

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.