JPMorgan Chase & Co. Issues Pessimistic Forecast for Core & Main (NYSE:CNM) Stock Price

Key Points

• JPMorgan Chase & Co. has lowered the price target for Core & Main from $64.00 to $54.00, maintaining an "overweight" rating.
• Various analysts have adjusted their price targets for Core & Main, with Barclays and Royal Bank of Canada setting new targets at $65.00 and $62.00, respectively.
• Core & Main's stock recently traded at $50.58, reflecting a potential upside of 6.76% based on the latest price target from JPMorgan.

Core & Main (NYSE:CNM - Get Free Report) had its price objective lowered by JPMorgan Chase & Co. from $64.00 to $54.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 8.48% from the company's previous close.

Other equities research analysts have also recently issued research reports about the company. Royal Bank Of Canada cut their target price on Core & Main from $67.00 to $62.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 10th. Wells Fargo & Company cut their target price on Core & Main from $70.00 to $58.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 10th. Loop Capital restated a "hold" rating and issued a $68.00 target price on shares of Core & Main in a research note on Monday, July 28th. Citigroup boosted their target price on Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. Finally, Barclays cut their target price on Core & Main from $69.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 10th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $59.60.

Core & Main Stock Up 2.3%

Shares of NYSE:CNM traded up $1.11 during trading on Wednesday, hitting $49.78. 1,934,908 shares of the company's stock traded hands, compared to its average volume of 2,112,607. Core & Main has a 52 week low of $40.42 and a 52 week high of $67.18. The company has a current ratio of 2.25, a quick ratio of 1.30 and a debt-to-equity ratio of 1.14. The company has a market cap of $9.81 billion, a price-to-earnings ratio of 22.20, a price-to-earnings-growth ratio of 1.91 and a beta of 1.04. The company has a 50-day moving average price of $62.85 and a 200-day moving average price of $56.09.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.08. The business had revenue of $2.09 billion for the quarter, compared to analysts' expectations of $2.12 billion. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.Core & Main's revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.61 EPS. Core & Main has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Core & Main will post 2.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other Core & Main news, Director James G. Castellano sold 43,994 shares of Core & Main stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $61.98, for a total value of $2,726,748.12. Following the completion of the sale, the director owned 4,638 shares in the company, valued at $287,463.24. The trade was a 90.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark R. Witkowski sold 100,000 shares of Core & Main stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $64.08, for a total transaction of $6,408,000.00. Following the completion of the sale, the chief executive officer owned 35,847 shares of the company's stock, valued at $2,297,075.76. This trade represents a 73.61% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 422,956 shares of company stock worth $26,343,241. 3.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core & Main

Several hedge funds have recently bought and sold shares of CNM. Ameriprise Financial Inc. increased its holdings in Core & Main by 9.9% in the 4th quarter. Ameriprise Financial Inc. now owns 240,388 shares of the company's stock valued at $12,238,000 after buying an additional 21,702 shares during the period. BNP Paribas Financial Markets bought a new position in Core & Main in the 4th quarter valued at about $2,669,000. Deutsche Bank AG increased its holdings in Core & Main by 2.0% in the 4th quarter. Deutsche Bank AG now owns 111,944 shares of the company's stock valued at $5,699,000 after buying an additional 2,207 shares during the period. Ensign Peak Advisors Inc boosted its stake in Core & Main by 12.7% in the fourth quarter. Ensign Peak Advisors Inc now owns 64,111 shares of the company's stock valued at $3,264,000 after buying an additional 7,230 shares in the last quarter. Finally, Lighthouse Investment Partners LLC acquired a new stake in Core & Main in the fourth quarter valued at about $270,000. 94.19% of the stock is owned by 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.