Core & Main (NYSE:CNM) Sets New 1-Year High on Analyst Upgrade

Core & Main, Inc. (NYSE:CNM - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $65.00 to $70.00. Wells Fargo & Company currently has an overweight rating on the stock. Core & Main traded as high as $62.70 and last traded at $62.38, with a volume of 1342978 shares. The stock had previously closed at $61.92.

A number of other research analysts have also commented on CNM. Royal Bank Of Canada boosted their price target on shares of Core & Main from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Tuesday, June 10th. Loop Capital boosted their price target on shares of Core & Main from $63.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, June 11th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Core & Main in a research report on Tuesday, April 1st. They issued a "buy" rating and a $60.00 target price for the company. JPMorgan Chase & Co. upped their target price on shares of Core & Main from $54.00 to $56.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. Finally, Robert W. Baird cut their target price on shares of Core & Main from $66.00 to $65.00 and set an "outperform" rating for the company in a research report on Wednesday, March 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Core & Main presently has an average rating of "Moderate Buy" and an average target price of $60.00.

Insider Activity

In related news, CAO John Weldon Stephens sold 10,214 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $53.02, for a total value of $541,546.28. Following the completion of the transaction, the chief accounting officer directly owned 4,120 shares of the company's stock, valued at $218,442.40. This represents a 71.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Laura K. Schneider sold 45,695 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $56.25, for a total transaction of $2,570,343.75. Following the transaction, the insider directly owned 12,873 shares of the company's stock, valued at $724,106.25. This represents a 78.02% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 265,703 shares of company stock valued at $15,931,870. 3.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Core & Main

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Enhancing Capital LLC raised its position in Core & Main by 0.6% in the first quarter. Enhancing Capital LLC now owns 31,846 shares of the company's stock worth $1,538,000 after acquiring an additional 196 shares during the period. US Bancorp DE increased its holdings in Core & Main by 12.3% in the 4th quarter. US Bancorp DE now owns 1,795 shares of the company's stock valued at $91,000 after acquiring an additional 197 shares during the last quarter. CWM LLC increased its holdings in Core & Main by 34.0% in the 1st 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 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. Finally, Crossmark Global Holdings Inc. increased its holdings in Core & Main by 2.6% in the 1st quarter. Crossmark Global Holdings Inc. now owns 10,902 shares of the company's stock valued at $527,000 after acquiring an additional 272 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company's stock.

Core & Main Stock Down 1.1%

The firm has a market capitalization of $12.14 billion, a PE ratio of 28.64, a PEG ratio of 1.82 and a beta of 1.04. The business's 50 day simple moving average is $56.75 and its 200 day simple moving average is $53.13. 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 issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.52 EPS for the quarter, hitting analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.84 billion. During the same period last year, the company posted $0.49 EPS. The business's revenue was up 9.8% on a year-over-year basis. On average, equities research analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current year.

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.