Core & Main, Inc. (NYSE:CNM) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Core & Main has a “Moderate Buy” consensus rating from 12 brokerages, with seven buys and five holds. The average 12-month price target is $56.70.
• CNM shares opened at $46.01, near the company’s 50-day moving average of $46.25 and below its 52-week high of $67.18; the company has an $8.90 billion market capitalization and a P/E ratio of 19.50.
• Director James D. Hope purchased 2,067 shares, while institutional investors own 94.19% of the stock, indicating substantial institutional participation.

Core & Main, Inc. (NYSE:CNM - Get Free Report) has earned a consensus rating of "Moderate Buy" from the twelve brokerages that are presently covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $56.70.

Several equities analysts have recently weighed in on CNM shares. Wall Street Zen cut shares of Core & Main from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Citigroup cut their target price on shares of Core & Main from $54.00 to $53.00 and set a "neutral" rating for the company in a research report on Thursday, June 11th. William Blair assumed coverage on shares of Core & Main in a report on Thursday, July 23rd. They set a "market perform" rating for the company. Finally, The Goldman Sachs Group reiterated a "neutral" rating and issued a $24.00 price target on shares of Core & Main in a research report on Thursday, June 11th.

Core & Main Trading Down 0.3%

Core & Main stock opened at $46.01 on Friday. Core & Main has a 52-week low of $41.88 and a 52-week high of $67.18. The company has a market cap of $8.90 billion, a P/E ratio of 19.50, a P/E/G ratio of 1.58 and a beta of 0.92. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00. The business has a 50-day simple moving average of $46.25 and a two-hundred day simple moving average of $49.61.

Insider Activity at Core & Main

In related news, Director James D. Hope bought 2,067 shares of the firm's stock in a transaction that occurred on Monday, July 6th. The shares were bought at an average cost of $46.01 per share, with a total value of $95,102.67. Following the acquisition, the director owned 11,805 shares in the company, valued at $543,148.05. This trade represents a 21.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in Core & Main in the 4th quarter worth $108,265,000. First Trust Advisors LP lifted its position in shares of Core & Main by 38.6% in the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company's stock valued at $276,380,000 after acquiring an additional 1,482,235 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in shares of Core & Main in the third quarter worth about $67,284,000. Morgan Stanley boosted its stake in shares of Core & Main by 8.3% in the fourth quarter. Morgan Stanley now owns 14,586,859 shares of the company's stock worth $758,079,000 after acquiring an additional 1,118,145 shares during the period. Finally, Schonfeld Strategic Advisors LLC grew its position in shares of Core & Main by 286.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company's stock worth $74,276,000 after purchasing an additional 1,022,864 shares in the last quarter. Institutional investors own 94.19% of the company's stock.

About Core & Main

Core & Main, Inc NYSE: CNM is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company's product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.

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