Core & Main (NYSE:CNM) Stock Rating Upgraded by Wall Street Zen

Key Points

• Core & Main was upgraded by Wall Street Zen from hold to buy, signaling improved analyst sentiment on the stock.
• Other firms remain more cautious: William Blair initiated coverage with a market perform rating, while Citigroup and Goldman Sachs both kept neutral views. Overall, the stock’s consensus rating remains Moderate Buy with a target price of $57.73.
• The stock was trading around $43.69, near its 52-week low of $42.50, after rising 1.3%. Insider and institutional activity remained notable, including a director purchase of 2,067 shares and continued heavy institutional ownership.

Core & Main (NYSE:CNM - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday.

A number of other equities research analysts have also recently commented on the stock. William Blair began coverage on shares of Core & Main in a research note on Thursday. They set a "market perform" rating on the stock. Citigroup lowered their price target on shares of Core & Main from $54.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, June 11th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $24.00 price target on shares of Core & Main in a research report on Thursday, June 11th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Core & Main currently has a consensus rating of "Moderate Buy" and a consensus target price of $57.73.

Core & Main Stock Up 1.3%

Shares of CNM stock opened at $43.69 on Friday. The stock has a 50 day moving average of $47.31 and a 200 day moving average of $50.83. 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 stock has a market cap of $8.45 billion, a P/E ratio of 18.51, a P/E/G ratio of 1.50 and a beta of 0.91. Core & Main has a twelve month low of $42.50 and a twelve month high of $67.18.

Insider Activity at Core & Main

In other Core & Main news, Director James D. Hope bought 2,067 shares of Core & Main stock in a transaction dated Monday, July 6th. The stock was acquired at an average cost of $46.01 per share, with a total value of $95,102.67. Following the purchase, the director directly owned 11,805 shares in the company, valued at $543,148.05. This represents a 21.23% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 1.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core & Main

A number of large investors have recently added to or reduced their stakes in the stock. TD Waterhouse Canada Inc. purchased a new stake in shares of Core & Main during the fourth quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its holdings in Core & Main by 145.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock worth $27,000 after buying an additional 269 shares during the last quarter. Whittier Trust Co. acquired a new stake in Core & Main in the 4th quarter worth about $28,000. Cubist Systematic Strategies LLC increased its stake in Core & Main by 262.0% during 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 stake in Core & Main during the 4th quarter worth approximately $38,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

About Core & Main

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.

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