Zacks Research Upgrades Core & Main (NYSE:CNM) to "Hold"

Key Points

• Zacks Research upgraded Core & Main from “strong sell” to “hold.” The stock carries a MarketBeat consensus rating of “Moderate Buy,” with a $54.27 average price target.
• Other analysts have adjusted their targets: RBC and Baird cut theirs to $57, while Wells Fargo lowered its target to $48; all maintained positive ratings.
• In its latest reported quarter, Core & Main beat earnings and revenue estimates, posting $0.94 EPS and $2.15 billion in revenue; sales rose 2.5% year over year.

Core & Main (NYSE:CNM - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Monday, Zacks reports.

Several other research firms also recently issued reports on CNM. Royal Bank Of Canada dropped their target price on Core & Main from $60.00 to $57.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 7th. Robert W. Baird reduced their price target on Core & Main from $66.00 to $57.00 and set an "outperform" rating for the company in a research report on Thursday, September 10th. Wall Street Zen upgraded Core & Main from a "hold" rating to a "buy" rating in a research note on Sunday, October 18th. Wells Fargo & Company decreased 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, September 10th. Finally, William Blair began coverage on Core & Main in a report on Thursday, July 23rd. They set a "market perform" rating on the stock. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Core & Main has an average rating of "Moderate Buy" and a consensus price target of $54.27.

Core & Main Stock Performance

NYSE CNM opened at $47.38 on Monday. The company's 50 day moving average is $42.68 and its 200-day moving average is $47.62. Core & Main has a 12-month low of $39.42 and a 12-month high of $59.66. The company has a quick ratio of 1.51, a current ratio of 2.47 and a debt-to-equity ratio of 1.16. The firm has a market cap of $9.02 billion, a P/E ratio of 19.50, a price-to-earnings-growth ratio of 2.00 and a beta of 0.91.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings data on Wednesday, September 9th. The company reported $0.94 EPS for the quarter, topping 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 period last year, the firm earned $0.87 EPS. Core & Main's revenue for the quarter was up 2.5% on a year-over-year basis. Sell-side analysts predict that Core & Main will post 3.00 earnings per share for the current year.

Hedge Funds Weigh In On Core & Main

A number of large investors have recently added to or reduced their stakes in CNM. California State Teachers Retirement System raised its position in Core & Main by 22.3% during the 1st quarter. California State Teachers Retirement System now owns 219,934 shares of the company's stock valued at $10,865,000 after purchasing an additional 40,050 shares during the last quarter. KBC Group NV grew its position in shares of Core & Main by 4.5% in the 1st quarter. KBC Group NV now owns 2,737,992 shares of the company's stock worth $135,257,000 after buying an additional 119,076 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Core & Main in the 2nd quarter worth approximately $4,461,000. Wellington Management Group LLP increased its stake in shares of Core & Main by 52.5% during the second quarter. Wellington Management Group LLP now owns 251,724 shares of the company's stock valued at $12,146,000 after buying an additional 86,672 shares during the period. Finally, Bornite Capital Management LP purchased a new position in shares of Core & Main during the second quarter valued at approximately $36,622,000. Hedge funds and other institutional investors own 94.19% of the company's stock.

Core & Main Company Profile

Core & Main, Inc. is a distributor of products and services used in water, wastewater, storm drainage, and fire protection infrastructure. Its customers include municipalities, water utilities, contractors, and other commercial and industrial organizations. The company offers products such as pipe, valves, fittings, hydrants, meters, and related supplies. It also provides services supporting infrastructure projects, including product fabrication and technical assistance. Based in St. Louis, Missouri, Core & Main serves customers across the United States through a network of branches.

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