Royal Bank Of Canada Lowers Core & Main (NYSE:CNM) Price Target to $62.00

Key Points

• Royal Bank of Canada has reduced its price target for Core & Main stock from $67.00 to $62.00 while maintaining an "outperform" rating, suggesting a potential upside of 24.70% from its current price.
• Core & Main recently reported an earnings per share (EPS) of $0.87, exceeding analyst expectations, but noted a slight revenue shortfall with $2.09 billion compared to the estimated $2.12 billion.
• In recent trading activity, insiders sold a significant amount of shares, with over 422,000 shares sold in the past three months, indicating a decrease in their ownership stakes.

Core & Main (NYSE:CNM - Get Free Report) had its price target lowered by research analysts at Royal Bank Of Canada from $67.00 to $62.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank Of Canada's target price indicates a potential upside of 25.25% from the company's previous close.

A number of other research firms have also recently commented on CNM. JPMorgan Chase & Co. increased their price target on shares of Core & Main from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Thursday, September 4th. Wells Fargo & Company increased their price target on shares of Core & Main from $65.00 to $70.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Citigroup increased their price target on shares of Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a report on Tuesday, June 10th. Finally, Loop Capital reiterated a "hold" rating and set a $68.00 price target on shares of Core & Main in a report on Monday, July 28th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $59.60.

Core & Main Stock Up 1.7%

CNM traded up $0.83 during midday trading on Wednesday, reaching $49.50. The company's stock had a trading volume of 1,766,966 shares, compared to its average volume of 2,111,678. The firm has a market capitalization of $9.76 billion, a price-to-earnings ratio of 22.10, a PEG ratio of 1.91 and a beta of 1.04. The company has a current ratio of 2.25, a quick ratio of 1.30 and a debt-to-equity ratio of 1.14. Core & Main has a 1 year low of $40.42 and a 1 year high of $67.18. The stock's 50-day moving average is $62.85 and its 200-day moving average is $56.09.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 5.57% and a return on equity of 25.44%. The business's revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. As a group, research analysts expect that Core & Main will post 2.16 EPS for the current year.

Insider Activity at Core & Main

In related news, insider Stephen O. Leclair sold 44,972 shares of Core & Main stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $61.91, for a total transaction of $2,784,216.52. Following the completion of the sale, the insider owned 70,736 shares in the company, valued at $4,379,265.76. This trade represents a 38.87% decrease in their position. The sale was disclosed in a filing with the SEC, 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 shares were sold at an average price of $64.08, for a total transaction of $6,408,000.00. Following the sale, the chief executive officer owned 35,847 shares of the company's stock, valued at $2,297,075.76. The trade was a 73.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 422,956 shares of company stock worth $26,343,241 over the last ninety days. 3.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core & Main

Large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its holdings 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 in the last quarter. Bfsg LLC raised its holdings 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 in the last quarter. Hantz Financial Services Inc. raised its holdings in shares of Core & Main by 815.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 641 shares of the company's stock valued at $39,000 after purchasing an additional 571 shares in the last quarter. Parallel Advisors LLC raised its holdings 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 in the last quarter. Finally, Rossby Financial LCC bought a new stake in shares of Core & Main in the 1st quarter valued at about $37,000. Institutional investors own 94.19% of the company's stock.

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.