Wells Fargo & Company Issues Positive Forecast for Core & Main (NYSE:CNM) Stock Price

Core & Main (NYSE:CNM - Free Report) had its price target lifted by Wells Fargo & Company from $65.00 to $70.00 in a report released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other brokerages also recently weighed in on CNM. JPMorgan Chase & Co. raised their price target on Core & Main from $54.00 to $56.00 and gave the stock an "overweight" rating in a report on Tuesday, May 27th. Loop Capital raised their price target on Core & Main from $63.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, June 11th. Robert W. Baird lowered their price target on Core & Main from $66.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft assumed coverage on Core & Main in a report on Tuesday, April 1st. They issued a "buy" rating and a $60.00 price target for the company. Finally, Royal Bank Of Canada lifted their target price on Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a report on Tuesday, June 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Core & Main currently has a consensus rating of "Moderate Buy" and an average target price of $60.00.

Core & Main Stock Down 1.1%

CNM stock traded down $0.70 during trading on Tuesday, reaching $61.57. 2,406,812 shares of the company traded hands, compared to its average volume of 2,293,943. Core & Main has a 12 month low of $37.22 and a 12 month high of $63.25. The business has a 50 day simple moving average of $56.75 and a 200 day simple moving average of $53.13. The company has a market capitalization of $12.14 billion, a price-to-earnings ratio of 28.64, a price-to-earnings-growth ratio of 1.84 and a beta of 1.04. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.10 and a current ratio of 1.96.

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 for the quarter, hitting the consensus estimate of $0.52. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.84 billion. Core & Main had a return on equity of 23.55% and a net margin of 5.47%. The company's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the company earned $0.49 earnings per share. On average, equities research analysts anticipate that Core & Main will post 2.16 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Laura K. Schneider sold 45,695 shares of Core & Main stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $56.25, for a total transaction of $2,570,343.75. Following the completion of the transaction, the insider directly owned 12,873 shares in the company, valued at approximately $724,106.25. This trade represents a 78.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Robyn L. Bradbury sold 25,000 shares of Core & Main stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $60.49, for a total value of $1,512,250.00. Following the transaction, the chief financial officer owned 8,555 shares of the company's stock, valued at approximately $517,491.95. This represents a 74.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 265,703 shares of company stock valued at $15,931,870. 3.53% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CNM. US Bancorp DE raised its position in Core & Main by 12.3% during the fourth quarter. US Bancorp DE now owns 1,795 shares of the company's stock valued at $91,000 after acquiring an additional 197 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in Core & Main during the fourth quarter valued at approximately $122,000. Charles Schwab Investment Management Inc. increased its position in shares of Core & Main by 7.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,666,765 shares of the company's stock valued at $84,855,000 after buying an additional 122,240 shares in the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Core & Main in the fourth quarter valued at approximately $721,000. Finally, Swiss National Bank increased its position in shares of Core & Main by 0.6% in the fourth quarter. Swiss National Bank now owns 378,900 shares of the company's stock valued at $19,290,000 after buying an additional 2,400 shares in the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

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.