Core & Main (NYSE:CNM) Share Price Crosses Below Two Hundred Day Moving Average - What's Next?

Key Points

• Core & Main shares fell below their 200-day moving average of $47.79, trading as low as $46.32 and last at $46.93.
• Analysts recently lowered several price targets, though the consensus remains “Moderate Buy” with an average target of $54.27.
• The company topped quarterly estimates, reporting EPS of $0.94 versus $0.91 expected and revenue of $2.15 billion; revenue rose 2.5% year over year.

Core & Main, Inc. (NYSE:CNM - Get Free Report)'s stock price crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $47.79 and traded as low as $46.32. Core & Main shares last traded at $46.9260, with a volume of 3,434,191 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CNM. Truist Financial decreased their target price on Core & Main from $50.00 to $45.00 and set a "hold" rating for the company in a report on Thursday, September 10th. Wells Fargo & Company cut their price target on shares of Core & Main from $65.00 to $48.00 and set an "overweight" rating on the stock in a report on Thursday, September 10th. Citigroup reduced their price target on shares of Core & Main from $53.00 to $46.00 and set a "neutral" rating for the company in a research report on Friday, September 11th. The Goldman Sachs Group reissued a "neutral" rating and set a $53.00 price target on shares of Core & Main in a research report on Thursday, September 10th. Finally, Northcoast Research cut shares of Core & Main from a "buy" rating to a "neutral" rating in a research note on Wednesday, August 26th. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Core & Main currently has a consensus rating of "Moderate Buy" and an average target price of $54.27.

Core & Main Price Performance

The firm has a 50-day simple moving average of $42.45 and a two-hundred day simple moving average of $47.79. The company has a market capitalization of $8.94 billion, a price-to-earnings ratio of 19.31, a P/E/G ratio of 2.04 and a beta of 0.91. The company has a current ratio of 2.47, a quick ratio of 1.51 and a debt-to-equity ratio of 1.16.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings data on Wednesday, September 9th. The company reported $0.94 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.03. The business had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.14 billion. Core & Main had a return on equity of 25.98% and a net margin of 5.96%. The company's revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the business posted $0.87 EPS. As a group, analysts predict that Core & Main, Inc. will post 3.00 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. State of Michigan Retirement System increased its position in shares of Core & Main by 0.7% during the first quarter. State of Michigan Retirement System now owns 45,400 shares of the company's stock worth $2,243,000 after purchasing an additional 300 shares in the last quarter. Bryn Mawr Trust Advisors LLC raised its stake in Core & Main by 7.4% in the 1st quarter. Bryn Mawr Trust Advisors LLC now owns 6,954 shares of the company's stock valued at $344,000 after purchasing an additional 478 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in Core & Main by 42.9% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,615 shares of the company's stock valued at $67,000 after purchasing an additional 485 shares in the last quarter. Hedeker Wealth LLC lifted its holdings in Core & Main by 7.2% in the 3rd quarter. Hedeker Wealth LLC now owns 8,985 shares of the company's stock valued at $373,000 after purchasing an additional 603 shares in the last quarter. Finally, Granite Investment Partners LLC lifted its holdings in Core & Main by 12.7% in the 1st quarter. Granite Investment Partners LLC now owns 5,751 shares of the company's stock valued at $284,000 after purchasing an additional 648 shares in the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Company Profile

Core & Main, Inc is a distributor of specialized products for public and private infrastructure in the United States. The company primarily serves municipalities, contractors, and other customers involved in water, wastewater, storm drainage, and fire protection projects.

Its product offerings include water, sewer, and storm drainage pipe; valves, hydrants, and related waterworks products; fire protection equipment; and geosynthetic and other stormwater management products. Core & Main also provides product expertise, technical support, and related services to help customers plan and complete infrastructure projects.

The company traces its roots to the waterworks distribution business formerly operated by HD Supply.

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