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

Core & Main, Inc. (NYSE:CNM - Get Free Report) hit a new 52-week high 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.

CNM has been the subject of a number of other research reports. Loop Capital raised their target price on Core & Main from $63.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, June 11th. Royal Bank Of Canada raised their target price on Core & Main from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Tuesday, June 10th. Citigroup raised their target price on Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a report on Tuesday, June 10th. JPMorgan Chase & Co. raised their target price on Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Finally, Robert W. Baird reduced their target price on Core & Main from $66.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday, March 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

Insiders Place Their Bets

In other news, CFO Robyn L. Bradbury sold 25,000 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $60.49, for a total value 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 trade represents a 74.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO John Weldon Stephens sold 10,214 shares of Core & Main stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $53.02, for a total value of $541,546.28. Following the sale, the chief accounting officer owned 4,120 shares of the company's stock, valued at approximately $218,442.40. This represents a 71.26% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 265,703 shares of company stock valued at $15,931,870. Company insiders own 3.53% of the company's stock.

Institutional Trading of Core & Main

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Enhancing Capital LLC increased its position in Core & Main by 0.6% during the 1st quarter. Enhancing Capital LLC now owns 31,846 shares of the company's stock worth $1,538,000 after purchasing an additional 196 shares in the last quarter. US Bancorp DE increased its position in Core & Main by 12.3% during the 4th quarter. US Bancorp DE now owns 1,795 shares of the company's stock worth $91,000 after purchasing an additional 197 shares in the last quarter. CWM LLC increased its position in Core & Main by 34.0% during the 1st quarter. CWM LLC now owns 839 shares of the company's stock worth $41,000 after purchasing an additional 213 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Core & Main by 3.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock worth $343,000 after purchasing an additional 229 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its position in Core & Main by 2.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 10,902 shares of the company's stock worth $527,000 after purchasing an additional 272 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company's stock.

Core & Main Trading Up 0.7%

The business has a 50-day moving average of $56.22 and a 200 day moving average of $52.91. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.10 and a current ratio of 1.96. The stock has a market cap of $12.30 billion, a PE ratio of 29.01, a PEG ratio of 1.83 and a beta of 1.04.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.52. Core & Main had a return on equity of 23.55% and a net margin of 5.47%. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.84 billion. During the same period last year, the company earned $0.49 EPS. The firm's quarterly revenue was up 9.8% on a year-over-year basis. Equities research analysts predict that Core & Main, Inc. will post 2.16 EPS for the current fiscal 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.

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.