Core & Main (NYSE:CNM) Reaches New 1-Year Low - Should You Sell?

Key Points

• Core & Main shares hit a new 52-week low on Monday, falling to as low as $43.86 before last trading near $43.86, down from the prior close of $45.24.
• Wall Street analysts remain mixed but generally constructive, with seven Buy ratings and five Hold ratings; the consensus price target is $57.73, though several firms recently trimmed their targets.
• Despite the stock weakness, insider buying continues, with Director James D. Hope purchasing 2,067 shares on July 6, while institutional investors still own about 94.19% of the company.

Core & Main, Inc. (NYSE:CNM - Get Free Report) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $43.86 and last traded at $43.8640, with a volume of 998122 shares traded. The stock had previously closed at $45.24.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Barclays lowered their price objective on shares of Core & Main from $63.00 to $62.00 and set an "overweight" rating for the company in a report on Wednesday, March 25th. Citigroup decreased their price objective on Core & Main from $54.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft dropped their target price on Core & Main from $65.00 to $62.00 and set a "buy" rating for the company in a report on Wednesday, March 25th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $24.00 price target on shares of Core & Main in a research note on Thursday, June 11th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $57.73.

Core & Main Price Performance

The stock has a market cap of $8.49 billion, a PE ratio of 18.58, a P/E/G ratio of 1.57 and a beta of 0.91. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.00. The business has a fifty day simple moving average of $47.73 and a two-hundred day simple moving average of $51.13.

Insider Activity

In other Core & Main news, Director James D. Hope purchased 2,067 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was bought at an average cost of $46.01 per share, with a total value of $95,102.67. Following the transaction, the director directly owned 11,805 shares in the company, valued at approximately $543,148.05. The trade was a 21.23% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core & Main

A number of hedge funds have recently bought and sold shares of the company. TD Waterhouse Canada Inc. bought a new position in Core & Main in the 4th quarter valued at approximately $26,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock valued at $27,000 after purchasing an additional 269 shares in the last quarter. Whittier Trust Co. purchased a new stake in shares of Core & Main during the fourth quarter valued at $28,000. Cubist Systematic Strategies LLC increased its holdings in Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after buying an additional 524 shares in the last quarter. Finally, Quarry LP purchased a new position in Core & Main in the 4th quarter worth about $38,000. Institutional investors own 94.19% of the company's stock.

Core & Main Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.