Core & Main (NYSE:CNM) Sets New 12-Month Low - Should You Sell?

Key Points

• Core & Main shares hit a new 52-week low, trading as low as $40.03 and remaining below both their 50-day and 200-day moving averages.
• Analyst sentiment remains positive but has weakened, with recent price-target cuts and a consensus rating of “Moderate Buy”; the average target of $54.90 implies potential upside from current levels.
• The company modestly exceeded quarterly expectations, reporting $0.94 EPS and $2.15 billion in revenue, while institutional investors own a substantial 94.19% of outstanding shares.

Core & Main, Inc. (NYSE:CNM - Get Free Report) shares hit a new 52-week low on Tuesday . The company traded as low as $40.03 and last traded at $40.8160, with a volume of 3011623 shares changing hands. The stock had previously closed at $40.62.

Analyst Upgrades and Downgrades

CNM has been the subject of a number of analyst reports. The Goldman Sachs Group reiterated a "neutral" rating and set a $53.00 target price on shares of Core & Main in a research note on Thursday. Truist Financial cut their price target on Core & Main from $50.00 to $45.00 and set a "hold" rating on the stock in a research note on Thursday, September 10th. Robert W. Baird decreased their price target on Core & Main from $66.00 to $57.00 and set an "outperform" rating for the company in a report on Thursday, September 10th. Barclays decreased their price target on Core & Main from $62.00 to $61.00 and set an "overweight" rating for the company in a report on Thursday. Finally, Northcoast Research downgraded Core & Main from a "buy" rating to a "neutral" rating in a report on Wednesday, August 26th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $54.90.

Core & Main Stock Up 0.5%

The firm has a market cap of $7.90 billion, a PE ratio of 16.80, a P/E/G ratio of 1.70 and a beta of 0.91. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.51 and a current ratio of 2.47. The firm's 50-day moving average price is $44.38 and its two-hundred day moving average price is $47.67.

Core & Main (NYSE:CNM - Get Free Report) last issued its earnings results on Wednesday, September 9th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.03. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. The business had revenue of $2.15 billion during the quarter, compared to analysts' expectations of $2.14 billion. During the same quarter in the prior year, the business posted $0.87 EPS. The company's revenue for the quarter was up 2.5% on a year-over-year basis. As a group, equities research analysts expect that Core & Main, Inc. will post 3 EPS for the current fiscal year.

Insider Transactions at Core & Main

In other news, Director James Hope acquired 2,067 shares of the company's stock in a transaction on Monday, July 6th. The shares were bought at an average price of $46.01 per share, with a total value of $95,102.67. Following the completion of the acquisition, the director owned 11,805 shares in the company, valued at $543,148.05. This trade represents a 21.23% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.51% of the stock is owned by corporate insiders.

Institutional Trading of Core & Main

Several institutional investors and hedge funds have recently made changes to their positions in CNM. California State Teachers Retirement System lifted its position in Core & Main by 22.3% during the 1st quarter. California State Teachers Retirement System now owns 219,934 shares of the company's stock worth $10,865,000 after acquiring an additional 40,050 shares during the period. KBC Group NV increased its holdings in shares of Core & Main by 4.5% in the first quarter. KBC Group NV now owns 2,737,992 shares of the company's stock valued at $135,257,000 after purchasing an additional 119,076 shares during the period. WINTON GROUP Ltd increased its holdings in shares of Core & Main by 177.4% in the fourth quarter. WINTON GROUP Ltd now owns 33,015 shares of the company's stock valued at $1,716,000 after purchasing an additional 21,113 shares during the period. Fox Hill Wealth Management purchased a new stake in shares of Core & Main during the fourth quarter worth approximately $2,798,000. Finally, Fifth Third Bancorp raised its stake in shares of Core & Main by 742.6% during the first quarter. Fifth Third Bancorp now owns 66,014 shares of the company's stock worth $3,261,000 after purchasing an additional 58,179 shares during the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Company Profile

Core & Main, Inc NYSE: CNM is a specialized distributor of water, wastewater, storm drainage and fire protection products in the United States. The company supplies infrastructure materials used in the construction, maintenance and repair of public and private utility systems.

Its product offerings include ductile iron and PVC pipe, valves, hydrants, water meters, storm drainage systems, pipe fittings, fire protection equipment and related products. Core & Main also provides services such as product sourcing, technical support, fabrication, field assistance and inventory management to help customers complete infrastructure projects.

Core & Main serves municipalities, utility contractors, water and wastewater authorities, private water companies, civil and site-development contractors, and other industrial customers through a nationwide distribution network.

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