Loop Capital Forecasts Strong Price Appreciation for Core & Main (NYSE:CNM) Stock

Core & Main (NYSE:CNM - Free Report) had its price target lifted by Loop Capital from $63.00 to $68.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

CNM has been the topic of several other research reports. JPMorgan Chase & Co. increased their price objective on Core & Main from $54.00 to $56.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 27th. Citigroup lifted their price objective on shares of Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a research note on Tuesday. Wells Fargo & Company increased their price objective on shares of Core & Main from $60.00 to $65.00 and gave the stock an "overweight" rating in a research note on Tuesday. Robert W. Baird decreased 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. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Core & Main in a research report on Tuesday, April 1st. They set a "buy" rating and a $60.00 price target on the stock. One 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $59.55.

Core & Main Stock Performance

Core & Main stock traded down $0.38 during mid-day trading on Wednesday, reaching $57.05. 1,167,980 shares of the stock traded hands, compared to its average volume of 2,294,692. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The stock has a market capitalization of $11.29 billion, a PE ratio of 26.78, a price-to-earnings-growth ratio of 2.61 and a beta of 1.02. Core & Main has a 12-month low of $37.22 and a 12-month high of $60.38. The business's 50-day moving average is $52.49 and its 200-day moving average is $51.88.

Core & Main (NYSE:CNM - Get Free Report) last issued its earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.52. The firm had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.84 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The business's revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.49 earnings per share. As a group, sell-side analysts predict that Core & Main will post 2.16 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Laura K. Schneider sold 45,695 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were 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 now owns 12,873 shares of the company's stock, valued at approximately $724,106.25. This trade represents a 78.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Mark G. Whittenburg sold 900 shares of Core & Main stock in a transaction on Friday, June 6th. The shares were sold at an average price of $60.03, for a total value of $54,027.00. Following the completion of the sale, the general counsel now directly owns 9,691 shares of the company's stock, valued at $581,750.73. The trade was a 8.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 157,666 shares of company stock valued at $8,770,352 in the last ninety days. 3.53% of the stock is currently owned by corporate insiders.

Institutional Trading of Core & Main

Several hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC boosted its holdings in Core & Main by 447.1% in the first 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 period. Rossby Financial LCC purchased a new stake in Core & Main in the first quarter valued at approximately $37,000. Cubist Systematic Strategies LLC raised its holdings in shares of Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after buying an additional 524 shares during the last quarter. CWM LLC grew its stake in shares of Core & Main by 34.0% in the 1st quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after purchasing an additional 213 shares during the last quarter. Finally, Versant Capital Management Inc boosted its holdings in shares of Core & Main by 1,491.8% in the first quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock valued at $56,000 after acquiring an additional 1,089 shares in the last quarter. Institutional investors and hedge funds own 94.19% of the company's stock.

Core & Main Company Profile

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.