Core & Main (NYSE:CNM) Given New $54.00 Price Target at Citigroup

Key Points

• Citigroup has lowered its price target for Core & Main (NYSE:CNM) from $62 to $54, currently holding a "neutral" rating on the stock.
• Other analysts have similarly reduced their price targets, with JPMorgan and Wells Fargo lowering theirs to $54 and $58 respectively, indicating a mixed outlook for the stock.
• Core & Main recently reported earnings that exceeded expectations, with a net margin of 5.47% and quarterly revenue growth of 6.6% year-over-year.

Core & Main (NYSE:CNM - Get Free Report) had its price target dropped by stock analysts at Citigroup from $62.00 to $54.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Citigroup's price target would suggest a potential upside of 8.61% from the stock's previous close.

Other analysts have also issued research reports about the stock. Wells Fargo & Company dropped their price target on shares of Core & Main from $70.00 to $58.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 10th. Royal Bank Of Canada dropped their price target on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 10th. Loop Capital restated a "hold" rating and set a $68.00 price target on shares of Core & Main in a research report on Monday, July 28th. JPMorgan Chase & Co. dropped their price target on shares of Core & Main from $64.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 10th. Finally, Barclays dropped their price target on shares of Core & Main from $69.00 to $65.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 10th. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Core & Main presently has a consensus rating of "Moderate Buy" and an average target price of $59.60.

Core & Main Stock Performance

Shares of NYSE:CNM traded up $1.05 during midday trading on Wednesday, reaching $49.72. The company's stock had a trading volume of 4,311,066 shares, compared to its average volume of 2,126,754. The firm has a market capitalization of $9.80 billion, a PE ratio of 22.20, a P/E/G ratio of 1.91 and a beta of 1.04. Core & Main has a twelve month low of $40.42 and a twelve month high of $67.18. The stock has a fifty day moving average of $62.85 and a 200 day moving average of $56.09. The company has a quick ratio of 1.30, a current ratio of 2.25 and a debt-to-equity ratio of 1.14.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.08. The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.12 billion. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. The business's quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. On average, equities analysts expect that Core & Main will post 2.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Orvin T. Kimbrough sold 23,962 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $61.77, for a total value of $1,480,132.74. Following the transaction, the director directly owned 13,958 shares of the company's stock, valued at approximately $862,185.66. This trade represents a 63.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director James G. Castellano sold 43,994 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $61.98, for a total transaction of $2,726,748.12. Following the completion of the transaction, the director directly owned 4,638 shares in the company, valued at approximately $287,463.24. This represents a 90.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 422,956 shares of company stock valued at $26,343,241. 3.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core & Main

Several hedge funds and other institutional investors have recently modified their holdings of CNM. Enhancing Capital LLC increased its position in Core & Main by 0.6% during the first quarter. Enhancing Capital LLC now owns 31,846 shares of the company's stock worth $1,538,000 after purchasing an additional 196 shares during the last quarter. Bfsg LLC increased its position in shares of Core & Main by 56.4% during the second quarter. Bfsg LLC now owns 560 shares of the company's stock valued at $34,000 after acquiring an additional 202 shares during the last quarter. CWM LLC increased its position in shares of Core & Main by 34.0% during the first quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after acquiring an additional 213 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Core & Main by 3.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock valued at $343,000 after acquiring an additional 229 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock valued at $27,000 after acquiring an additional 269 shares during the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

About Core & Main

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.