Core & Main (NYSE:CNM) Coverage Initiated by Analysts at Jefferies Financial Group

Key Points

• Jefferies initiated coverage with a Buy rating and a $53 price target, implying about 18% upside from the stock’s current price.
• Analyst sentiment is broadly positive: Core & Main has a consensus “Moderate Buy” rating and an average price target of $54.27.
• In its latest reported quarter, the company beat earnings and revenue estimates, with EPS of $0.94 and revenue up 2.5% year over year to $2.15 billion.

Analysts at Jefferies Financial Group started coverage on shares of Core & Main (NYSE:CNM - Get Free Report) in a research report issued on Wednesday, MarketBeat reports. The firm set a "buy" rating and a $53.00 price target on the stock. Jefferies Financial Group's target price indicates a potential upside of 17.95% from the stock's current price.

Several other analysts also recently weighed in on CNM. Deutsche Bank Aktiengesellschaft set a $55.00 target price on Core & Main in a report on Thursday, September 10th. Northcoast Research downgraded Core & Main from a "buy" rating to a "neutral" rating in a research note on Wednesday, August 26th. Wall Street Zen upgraded Core & Main from a "hold" rating to a "buy" rating in a research note on Sunday, October 18th. Truist Financial cut their price target on Core & Main from $50.00 to $45.00 and set a "hold" rating on the stock in a research report on Thursday, September 10th. Finally, Barclays reduced their price objective on Core & Main from $62.00 to $61.00 and set an "overweight" rating for the company in a research note on Thursday, September 10th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $54.27.

Core & Main Price Performance

Shares of NYSE:CNM opened at $44.94 on Wednesday. Core & Main has a 12 month low of $39.42 and a 12 month high of $59.66. The firm has a market capitalization of $8.56 billion, a P/E ratio of 18.49, a P/E/G ratio of 1.89 and a beta of 0.91. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.47 and a quick ratio of 1.51. The company's fifty day moving average price is $42.29 and its 200 day moving average price is $47.89.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings data on Wednesday, September 9th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.03. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. The company had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the prior year, the firm posted $0.87 earnings per share. Core & Main's revenue for the quarter was up 2.5% on a year-over-year basis. As a group, sell-side analysts predict that Core & Main will post 3.00 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Core & Main

A number of hedge funds and other institutional investors have recently bought and sold shares of CNM. Root Financial Partners LLC raised its position in Core & Main by 111.6% during the 1st quarter. Root Financial Partners LLC now owns 895 shares of the company's stock worth $44,000 after buying an additional 472 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Core & Main by 142.7% in the 3rd quarter. IFP Advisors Inc now owns 1,296 shares of the company's stock worth $54,000 after acquiring an additional 762 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Core & Main by 42.9% in the third quarter. Nisa Investment Advisors LLC now owns 1,615 shares of the company's stock valued at $67,000 after acquiring an additional 485 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Core & Main by 42.3% in the first quarter. EverSource Wealth Advisors LLC now owns 2,389 shares of the company's stock valued at $118,000 after acquiring an additional 710 shares in the last quarter. Finally, SkyView Investment Advisors LLC purchased a new stake in shares of Core & Main in the second quarter valued at about $145,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Company Profile

Core & Main, Inc is a distributor of specialized products for public and private infrastructure in the United States. The company primarily serves municipalities, contractors, and other customers involved in water, wastewater, storm drainage, and fire protection projects.

Its product offerings include water, sewer, and storm drainage pipe; valves, hydrants, and related waterworks products; fire protection equipment; and geosynthetic and other stormwater management products. Core & Main also provides product expertise, technical support, and related services to help customers plan and complete infrastructure projects.

The company traces its roots to the waterworks distribution business formerly operated by HD Supply.

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