Citigroup Has Lowered Expectations for Core & Main (NYSE:CNM) Stock Price

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 objective reduced by equities researchers at Citigroup from $62.00 to $54.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Citigroup's target price points to a potential upside of 9.04% from the stock's previous close.

Other analysts have also issued research reports about the stock. JPMorgan Chase & Co. lowered their price objective 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. Loop Capital reissued a "hold" rating and issued a $68.00 price target on shares of Core & Main in a research note on Monday, July 28th. Royal Bank Of Canada cut their price target on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a research note on Wednesday. Wells Fargo & Company lowered their price objective on shares of Core & Main from $70.00 to $58.00 and set an "overweight" rating for the company in a report on Wednesday. Finally, Barclays lowered their price target on shares of Core & Main from $69.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $59.90.

Core & Main Price Performance

NYSE:CNM traded down $0.18 on Wednesday, hitting $49.52. The company had a trading volume of 2,530,072 shares, compared to its average volume of 2,059,527. The stock has a market capitalization of $9.76 billion, a price-to-earnings ratio of 23.03, a PEG ratio of 1.96 and a beta of 1.04. The company has a current ratio of 1.96, a quick ratio of 1.10 and a debt-to-equity ratio of 1.23. The firm has a 50 day moving average of $63.64 and a two-hundred day moving average of $56.08. Core & Main has a 52 week low of $37.22 and a 52 week high of $67.18.

Core & Main (NYSE:CNM - Get Free Report) last announced its earnings results 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 business had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.12 billion. Core & Main had a net margin of 5.47% and a return on equity of 23.55%. Core & Main's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. On average, research analysts anticipate that Core & Main will post 2.16 earnings per share for the current year.

Insider Buying and Selling

In other Core & Main news, Director Orvin T. Kimbrough sold 23,962 shares of Core & Main stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $61.77, for a total value of $1,480,132.74. Following the completion of the transaction, the director directly owned 13,958 shares of the company's stock, valued at $862,185.66. The trade was a 63.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robyn L. Bradbury sold 25,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $60.49, for a total transaction of $1,512,250.00. Following the completion of the transaction, the chief financial officer owned 8,555 shares in the company, valued at $517,491.95. This represents a 74.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 422,956 shares of company stock valued at $26,343,241 over the last three months. Corporate insiders own 3.53% of the company's stock.

Institutional Trading of Core & Main

A number of large investors have recently made changes to their positions in the stock. Ameriprise Financial Inc. raised its holdings in shares of Core & Main by 9.9% in the 4th quarter. Ameriprise Financial Inc. now owns 240,388 shares of the company's stock worth $12,238,000 after purchasing an additional 21,702 shares during the period. BNP Paribas Financial Markets acquired a new stake in shares of Core & Main in the fourth quarter valued at $2,669,000. Deutsche Bank AG raised its position in shares of Core & Main by 2.0% during the fourth quarter. Deutsche Bank AG now owns 111,944 shares of the company's stock worth $5,699,000 after purchasing an additional 2,207 shares during the period. Ensign Peak Advisors Inc raised its position in Core & Main by 12.7% during the fourth quarter. Ensign Peak Advisors Inc now owns 64,111 shares of the company's stock valued at $3,264,000 after buying an additional 7,230 shares during the period. Finally, Lighthouse Investment Partners LLC purchased a new position in Core & Main in the fourth quarter valued at about $270,000. Institutional investors and hedge funds own 94.19% of the company's stock.

Core & Main Company Profile

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.

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