Core & Main (NYSE:CNM) Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Core & Main from “hold” to “buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $55.64.
• Core & Main reported quarterly earnings of $0.94 per share, exceeding estimates of $0.91, while revenue reached $2.15 billion and increased 2.5% year over year.
• The stock opened at $42.71, near its 52-week low of $40.03, and institutional investors own approximately 94.19% of the company.

Core & Main (NYSE:CNM - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday, Wall Street Zen reports.

A number of other brokerages have also issued reports on CNM. William Blair began coverage on Core & Main in a research note on Thursday, July 23rd. They issued a "market perform" rating on the stock. Truist Financial decreased their target price on shares of Core & Main from $50.00 to $45.00 and set a "hold" rating on the stock in a research report on Thursday, September 10th. The Goldman Sachs Group restated a "neutral" rating and issued a $53.00 target price on shares of Core & Main in a report on Thursday, September 10th. Royal Bank Of Canada dropped their price target on shares of Core & Main from $63.00 to $60.00 and set an "outperform" rating for the company in a research report on Thursday, September 10th. Finally, Northcoast Research downgraded shares of Core & Main from a "buy" rating to a "neutral" rating in a research note on Wednesday, August 26th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $55.64.

Core & Main Trading Up 2.6%

NYSE:CNM opened at $42.71 on Friday. The company has a market capitalization of $8.14 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 1.74 and a beta of 0.91. The company has a quick ratio of 1.51, a current ratio of 2.47 and a debt-to-equity ratio of 1.16. Core & Main has a 52-week low of $40.03 and a 52-week high of $59.66. The stock has a fifty day simple moving average of $43.86 and a 200-day simple moving average of $47.02.

Core & Main (NYSE:CNM - Get Free Report) last posted its earnings results on Wednesday, September 9th. The company reported $0.94 earnings per share 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 firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same period last year, the firm posted $0.87 EPS. The firm's revenue for the quarter was up 2.5% on a year-over-year basis. On average, equities research analysts expect that Core & Main will post 3 earnings per share for the current fiscal year.

Insider Buying and Selling at Core & Main

In other news, Director James Hope purchased 2,067 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was acquired at an average cost of $46.01 per share, with a total value of $95,102.67. Following the acquisition, the director owned 11,805 shares in the company, valued at approximately $543,148.05. This trade represents a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Core & Main

Several hedge funds and other institutional investors have recently bought and sold shares of CNM. Capital World Investors increased its holdings in Core & Main by 5.8% in the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company's stock valued at $327,034,000 after buying an additional 344,606 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Core & Main by 15.3% in the 1st quarter. First Trust Advisors LP now owns 6,130,840 shares of the company's stock valued at $302,863,000 after acquiring an additional 812,770 shares during the last quarter. Royal London Asset Management Ltd. raised its position in shares of Core & Main by 12.5% during the 4th quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company's stock valued at $295,636,000 after acquiring an additional 632,077 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Core & Main by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 3,645,108 shares of the company's stock valued at $189,474,000 after acquiring an additional 84,657 shares in the last quarter. Finally, KBC Group NV lifted its stake in Core & Main by 4.5% during the first quarter. KBC Group NV now owns 2,737,992 shares of the company's stock worth $135,257,000 after purchasing an additional 119,076 shares during the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

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.

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