Core & Main (NYSE:CNM) Given New $58.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has increased its price target for Core & Main from $54.00 to $58.00, reflecting a potential upside of 10.87% based on the company's previous close and maintaining an "overweight" rating.
• Core & Main reported earnings of $0.87 per share for the last quarter, exceeding analyst expectations of $0.79, while also recording a revenue of $2.09 billion.
• Insider selling has been notable, with CEO Mark R. Witkowski selling 100,000 shares valued at over $6 million, marking a significant reduction in his ownership stake.

Core & Main (NYSE:CNM - Get Free Report) had its price objective boosted by equities researchers at JPMorgan Chase & Co. from $54.00 to $58.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 10.87% from the company's previous close.

Several other research analysts also recently commented on CNM. Barclays decreased their price objective on Core & Main from $69.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 10th. Zacks Research downgraded Core & Main from a "hold" rating to a "strong sell" rating in a research note on Monday, September 29th. Royal Bank Of Canada dropped their price objective on Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a report on Wednesday, September 10th. Citigroup lowered their target price on Core & Main from $62.00 to $54.00 and set a "neutral" rating for the company in a report on Wednesday, September 10th. Finally, Wells Fargo & Company boosted their price target on Core & Main from $58.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 1st. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Core & Main has a consensus rating of "Moderate Buy" and a consensus price target of $60.64.

Core & Main Stock Performance

NYSE:CNM traded up $0.55 on Wednesday, hitting $52.32. The stock had a trading volume of 537,141 shares, compared to its average volume of 2,187,842. The stock has a market cap of $10.33 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 1.94 and a beta of 0.98. The company has a quick ratio of 1.30, a current ratio of 2.25 and a debt-to-equity ratio of 1.14. The business's 50-day simple moving average is $57.60 and its two-hundred day simple moving average is $56.48. Core & Main has a 52-week low of $41.64 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 (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.08. The business had revenue of $2.09 billion for the quarter, compared to analysts' expectations of $2.12 billion. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The business's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period last year, the firm posted $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. As a group, research analysts predict that Core & Main will post 2.16 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Mark R. Witkowski sold 100,000 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $64.08, for a total transaction of $6,408,000.00. Following the sale, the chief executive officer owned 35,847 shares of the company's stock, valued at $2,297,075.76. The trade was a 73.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robyn L. Bradbury sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $64.51, for a total value of $322,550.00. Following the sale, the chief financial officer directly owned 8,555 shares in the company, valued at $551,883.05. This trade represents a 36.89% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 272,956 shares of company stock worth $17,063,431. Insiders own 3.53% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CNM. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Core & Main during the 4th quarter worth approximately $201,000. GAMMA Investing LLC raised its holdings in Core & Main by 84.1% in the 1st quarter. GAMMA Investing LLC now owns 4,086 shares of the company's stock valued at $197,000 after acquiring an additional 1,867 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in Core & Main by 1.5% in the 1st quarter. State of Alaska Department of Revenue now owns 22,285 shares of the company's stock valued at $1,076,000 after acquiring an additional 330 shares during the last quarter. Boston Trust Walden Corp acquired a new position in Core & Main in the 1st quarter valued at $9,786,000. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in Core & Main by 3.3% in the 1st 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. 94.19% of the stock is currently owned by institutional investors and hedge funds.

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.