Core & Main, Inc. (NYSE:CNM) Receives Average Rating of "Hold" from Analysts

Key Points

• Core & Main, Inc. has received an average analyst recommendation of "Hold", with one sell, four hold, and six buy ratings, alongside a target price averaging $60.00.
• Insider trading activity was notable, with two directors selling significant portions of their ownership, resulting in a combined decrease of nearly 90% and 63% in their respective shares.
• Institutional investors hold a substantial 94.19% of Core & Main's stock, indicating strong confidence from larger market players.

Core & Main, Inc. (NYSE:CNM - Get Free Report) has been assigned an average recommendation of "Hold" from the eleven ratings firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $60.00.

Several equities analysts recently weighed in on the stock. Royal Bank Of Canada increased their price objective on shares of Core & Main from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Tuesday, June 10th. Loop Capital restated a "hold" rating and issued a $68.00 price objective on shares of Core & Main in a report on Monday, July 28th. Wells Fargo & Company increased their price objective on shares of Core & Main from $65.00 to $70.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. increased their price objective on shares of Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Finally, Citigroup increased their price objective on shares of Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a report on Tuesday, June 10th.

Insider Activity at Core & Main

In other news, Director James G. Castellano sold 43,994 shares of the stock in a transaction on Friday, July 18th. The shares were sold at an average price of $61.98, for a total transaction of $2,726,748.12. Following the completion of the sale, the director owned 4,638 shares of the company's stock, valued at $287,463.24. This represents a 90.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Orvin T. Kimbrough sold 23,962 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $61.77, for a total transaction of $1,480,132.74. Following the sale, the director directly owned 13,958 shares of the company's stock, valued at $862,185.66. This represents a 63.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 428,445 shares of company stock valued at $26,045,755 over the last three months. Insiders own 3.53% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC grew its position in Core & Main by 447.1% in the first quarter. Parallel Advisors LLC now owns 651 shares of the company's stock valued at $31,000 after purchasing an additional 532 shares in the last quarter. Bfsg LLC grew its position in shares of Core & Main by 56.4% in the 2nd quarter. Bfsg LLC now owns 560 shares of the company's stock valued at $34,000 after acquiring an additional 202 shares during the period. Cubist Systematic Strategies LLC grew its position in shares of Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after acquiring an additional 524 shares during the period. Rossby Financial LCC bought a new position in shares of Core & Main in the 1st quarter valued at about $37,000. Finally, Hantz Financial Services Inc. grew its position in shares of Core & Main by 815.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 641 shares of the company's stock valued at $39,000 after acquiring an additional 571 shares during the period. Institutional investors own 94.19% of the company's stock.

Core & Main Price Performance

Shares of CNM stock opened at $64.09 on Wednesday. The firm's 50 day moving average is $60.34 and its 200-day moving average is $54.49. Core & Main has a 1 year low of $37.22 and a 1 year high of $65.97. The firm has a market capitalization of $12.63 billion, a price-to-earnings ratio of 29.81, a PEG ratio of 1.88 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.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52. Core & Main had a net margin of 5.47% and a return on equity of 23.55%. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.84 billion. During the same period in the prior year, the business posted $0.49 earnings per share. Core & Main's revenue was up 9.8% compared to the same quarter last year. Sell-side analysts forecast that Core & Main will post 2.16 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.