Truist Financial Cuts Core & Main (NYSE:CNM) Price Target to $45.00

Core & Main (NYSE:CNM) had its price target lowered by Truist Financial from $50.00 to $45.00 in a report released on Thursday,Benzinga reports. The firm currently has a hold rating on the stock.

A number of other research firms have also weighed in on CNM. Wells Fargo & Company lowered their price objective on Core & Main from $65.00 to $48.00 and set an “overweight” rating on the stock in a research note on Thursday. Barclays cut their target price on Core & Main from $62.00 to $61.00 and set an “overweight” rating for the company in a research note on Thursday. The Goldman Sachs Group reiterated a “neutral” rating and set a $53.00 price target on shares of Core & Main in a report on Thursday. Northcoast Research cut shares of Core & Main from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 26th. Finally, Royal Bank Of Canada dropped their price objective on shares of Core & Main from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Thursday. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.90.

Core & Main Trading Down 0.9%

Shares of Core & Main stock opened at $40.50 on Thursday. The stock has a market cap of $7.84 billion, a P/E ratio of 16.67, a P/E/G ratio of 1.40 and a beta of 0.91. The stock’s 50 day simple moving average is $44.48 and its 200-day simple moving average is $47.83. Core & Main has a 1-year low of $40.41 and a 1-year high of $59.66. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.47 and a quick ratio of 1.31.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Wednesday, September 9th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. Core & Main had a return on equity of 25.98% and a net margin of 5.96%.The business had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same period in the prior year, the business earned $0.87 earnings per share. The business’s revenue was up 2.5% compared to the same quarter last year. Analysts predict that Core & Main will post 3 EPS for the current fiscal year.

Insider Buying and Selling

In other Core & Main news, Director James Hope acquired 2,067 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was bought at an average cost of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the transaction, the director owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. The trade was a 21.23% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.51% of the company’s stock.

Institutional Investors Weigh In On Core & Main

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC grew its holdings in shares of Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after purchasing an additional 524 shares during the period. AQR Capital Management LLC purchased a new stake in Core & Main in the 1st quarter valued at about $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Core & Main by 36.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,576 shares of the company’s stock valued at $1,719,000 after buying an additional 9,534 shares during the period. Goldman Sachs Group Inc. lifted its position in Core & Main by 23.1% in the first quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company’s stock valued at $14,106,000 after buying an additional 54,854 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after buying an additional 269 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main News Roundup

Here are the key news stories impacting Core & Main this week:

• Positive Sentiment: Core & Main reported second-quarter adjusted earnings of $0.94 per share, above the $0.91 analyst consensus, while revenue increased 2.5% year over year to approximately $2.15 billion. The results indicate continued profitability and modest sales growth. Core & Main Q2 adjusted earnings beat estimates as revenue rises 2.5%
• Positive Sentiment: Robert W. Baird maintained an “outperform” rating, with its $57 price target still implying substantial potential upside from current levels, despite reducing the target from $66. Baird lowers Core & Main price target
• Neutral Sentiment: Brokerages continue to assign Core & Main a consensus “Moderate Buy” rating, suggesting analysts remain constructive overall, although recent target reductions indicate less confidence in near-term upside. Core & Main receives Moderate Buy consensus
• Negative Sentiment: Shares fell to a two-year low amid investor concerns that organic growth is weakening. The market appears to be questioning whether Core & Main can sustain growth beyond acquisitions and favorable comparisons. Core & Main slides on organic growth concerns
• Negative Sentiment: Analysts lowered their forecasts following the second-quarter report. Truist cut its target to $45 from $50 and kept a “hold” rating, while Baird reduced its target to $57 from $66. The revisions signal that the earnings beat did not fully offset concerns about the company’s outlook. Truist cuts Core & Main price target

About Core & Main

Core & Main, Inc (NYSE: CNM) is a specialized distributor of water, wastewater, storm drainage and fire protection products in the United States. The company supplies infrastructure materials used in the construction, maintenance and repair of public and private utility systems.

Its product offerings include ductile iron and PVC pipe, valves, hydrants, water meters, storm drainage systems, pipe fittings, fire protection equipment and related products. Core & Main also provides services such as product sourcing, technical support, fabrication, field assistance and inventory management to help customers complete infrastructure projects.

Core & Main serves municipalities, utility contractors, water and wastewater authorities, private water companies, civil and site-development contractors, and other industrial customers through a nationwide distribution network.