JPMorgan Chase & Co. Increases Core & Main (NYSE:CNM) Price Target to $64.00

Key Points

• JPMorgan Chase & Co. has increased the price target for Core & Main (NYSE:CNM) from $56.00 to $64.00, maintaining an "overweight" rating on the stock.
• The consensus rating for Core & Main is currently a "Hold," with an average target price estimated at $60.73 based on ratings from multiple analysts.
• Core & Main recently reported a revenue increase of 9.8% year-over-year, with earnings per share meeting consensus estimates at $0.52 for the quarter.

Core & Main (NYSE:CNM - Get Free Report) had its price target upped by analysts at JPMorgan Chase & Co. from $56.00 to $64.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential downside of 1.22% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company boosted their target price on shares of Core & Main from $65.00 to $70.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Loop Capital restated a "hold" rating and issued a $68.00 price target on shares of Core & Main in a research report on Monday, July 28th. Citigroup boosted their price target on shares of Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 10th. Finally, Royal Bank Of Canada boosted their price target on shares of Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Core & Main presently has a consensus rating of "Hold" and an average target price of $60.73.

Core & Main Price Performance

NYSE:CNM traded up $0.22 during trading hours on Thursday, hitting $64.79. 79,626 shares of the stock traded hands, compared to its average volume of 1,931,541. The company has a quick ratio of 1.10, a current ratio of 1.96 and a debt-to-equity ratio of 1.23. Core & Main has a 1 year low of $37.22 and a 1 year high of $66.27. The company has a market cap of $12.77 billion, a price-to-earnings ratio of 30.14, a price-to-earnings-growth ratio of 1.91 and a beta of 1.04. The stock has a 50 day moving average price of $63.49 and a 200 day moving average price of $55.81.

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, meeting the consensus estimate of $0.52. Core & Main had a net margin of 5.47% and a return on equity of 23.55%. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.84 billion. During the same quarter in the previous year, the firm earned $0.49 earnings per share. The company's revenue for the quarter was up 9.8% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Core & Main will post 2.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Core & Main news, CEO Mark R. Witkowski sold 100,000 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $64.08, for a total transaction of $6,408,000.00. Following the transaction, the chief executive officer directly owned 35,847 shares in the company, valued at $2,297,075.76. This represents a 73.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Mark G. Whittenburg sold 49,100 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $60.03, for a total transaction of $2,947,473.00. Following the transaction, the general counsel owned 9,691 shares in the company, valued at approximately $581,750.73. The trade was a 83.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 472,956 shares of company stock worth $29,344,741 over the last ninety days. 3.53% of the stock is owned by insiders.

Institutional Trading of Core & Main

Several hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its position in shares of Core & Main by 145.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock valued at $27,000 after purchasing an additional 269 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Core & Main by 447.1% in the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company's stock valued at $31,000 after purchasing an additional 532 shares during the last quarter. Bfsg LLC raised its position in shares of Core & Main by 56.4% in the 2nd quarter. Bfsg LLC now owns 560 shares of the company's stock valued at $34,000 after purchasing an additional 202 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in shares of Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after purchasing an additional 524 shares during the last quarter. Finally, Rossby Financial LCC purchased a new position in shares of Core & Main in the 1st quarter valued at approximately $37,000. 94.19% of the stock is 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.

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