Core & Main (NYSE:CNM) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Core & Main from “hold” to “buy,” although the broader analyst consensus remains “Hold” with a $54.40 price target.
• Core & Main reported quarterly EPS of $0.94, beating estimates by $0.03, while revenue reached $2.15 billion and increased 2.5% year over year.
• CNM shares opened at $41.96, near the lower end of their 12-month range of $39.42 to $59.66; institutional investors and hedge funds own 94.19% of the stock.

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 note issued to investors on Sunday, Wall Street Zen reports.

CNM has been the subject of several other reports. Wells Fargo & Company lowered their price objective on Core & Main from $65.00 to $48.00 and set an "overweight" rating for the company in a research report on Thursday, September 10th. William Blair started coverage on Core & Main in a research note on Thursday, July 23rd. They issued a "market perform" rating on the stock. Robert W. Baird cut their target price on Core & Main from $66.00 to $57.00 and set an "outperform" rating on the stock in a research report on Thursday, September 10th. Citigroup decreased their target price on Core & Main from $53.00 to $46.00 and set a "neutral" rating for the company in a research note on Friday, September 11th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and issued a $53.00 target price on shares of Core & Main in a report on Thursday, September 10th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $54.40.

Core & Main Trading Up 0.4%

CNM opened at $41.96 on Friday. Core & Main has a twelve month low of $39.42 and a twelve month high of $59.66. The company has a fifty day moving average of $42.92 and a 200-day moving average of $46.24. The stock has a market cap of $7.99 billion, a PE ratio of 17.27, a price-to-earnings-growth ratio of 1.76 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 (NYSE:CNM - Get Free Report) last released its earnings results 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. The business had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.14 billion. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. Core & Main's revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.87 earnings per share. On average, sell-side analysts predict that Core & Main will post 3.00 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Root Financial Partners LLC lifted its holdings in shares of Core & Main by 111.6% in the 1st quarter. Root Financial Partners LLC now owns 895 shares of the company's stock worth $44,000 after purchasing an additional 472 shares in the last quarter. IFP Advisors Inc increased its stake in Core & Main by 142.7% during the 3rd quarter. IFP Advisors Inc now owns 1,296 shares of the company's stock valued at $54,000 after purchasing an additional 762 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Core & Main by 42.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,389 shares of the company's stock valued at $118,000 after purchasing an additional 710 shares in the last quarter. SkyView Investment Advisors LLC acquired a new position in Core & Main during the second quarter worth $145,000. Finally, HB Wealth Management LLC acquired a new position in Core & Main during the first quarter worth $205,000. 94.19% of the stock is owned by institutional investors and hedge funds.

Core & Main Company Profile

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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