Core & Main (NYSE:CNM) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded Core & Main from “buy” to “hold.” The broader analyst consensus is also “Hold,” with seven Buy ratings, five Hold ratings and one Sell rating, alongside an average price target of $54.40.
• Core & Main shares opened at $40.37, near their 52-week low of $39.42 and below both their 50-day and 200-day moving averages.
• The company modestly exceeded quarterly expectations, reporting $0.94 in earnings per share versus the $0.91 consensus and $2.15 billion in revenue, up 2.5% year over year.

Core & Main (NYSE:CNM - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Saturday, Wall Street Zen reports.

A number of other equities analysts have also recently commented on CNM. Deutsche Bank Aktiengesellschaft set a $55.00 price target on shares of Core & Main in a research note on Thursday, September 10th. Wolfe Research reissued an "outperform" rating and issued a $63.00 price objective on shares of Core & Main in a research report on Tuesday, September 15th. William Blair assumed coverage on shares of Core & Main in a research note on Thursday, July 23rd. They issued a "market perform" rating for the company. Northcoast Research lowered Core & Main from a "buy" rating to a "neutral" rating in a research report on Wednesday, August 26th. Finally, Zacks Research cut Core & Main from a "hold" rating to a "strong sell" rating in a research note on Monday, September 14th. Seven 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. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $54.40.

Core & Main Stock Performance

NYSE:CNM opened at $40.37 on Friday. The firm has a market capitalization of $7.69 billion, a PE ratio of 16.61, a PEG ratio of 1.69 and a beta of 0.91. The stock's fifty day moving average is $43.43 and its 200 day moving average is $46.53. Core & Main has a fifty-two week low of $39.42 and a fifty-two week high of $59.66. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.51 and a current ratio of 2.47.

Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly earnings data on Wednesday, September 9th. The company reported $0.94 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.03. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. The business had revenue of $2.15 billion for the quarter, compared to analysts' expectations of $2.14 billion. During the same quarter in the previous year, the business posted $0.87 earnings per share. The business's revenue was up 2.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Core & Main will post 3.00 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CNM. Root Financial Partners LLC boosted its position in Core & Main by 111.6% in the 1st quarter. Root Financial Partners LLC now owns 895 shares of the company's stock valued at $44,000 after buying an additional 472 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Core & Main by 42.3% during the first quarter. EverSource Wealth Advisors LLC now owns 2,389 shares of the company's stock worth $118,000 after acquiring an additional 710 shares during the period. SkyView Investment Advisors LLC purchased a new position in shares of Core & Main during the second quarter worth approximately $145,000. HB Wealth Management LLC purchased a new position in shares of Core & Main during the first quarter worth approximately $205,000. Finally, iSAM Funds UK Ltd bought a new stake in shares of Core & Main during the second quarter valued at approximately $207,000. Hedge funds and other institutional investors own 94.19% of the company's stock.

About Core & Main

Core & Main, Inc NYSE: CNM is a specialized distributor of infrastructure products serving the water, wastewater, storm drainage, fire protection and related utility markets. The company supplies products used to build, repair and maintain essential public and private infrastructure across the United States.

Its product portfolio includes ductile iron and plastic pipe, valves, hydrants, water meters, fittings, and other waterworks components. Core & Main also distributes stormwater drainage products, fire protection equipment and related solutions.

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