Core & Main (NYSE:CNM) Price Target Cut to $60.00 by Analysts at The Goldman Sachs Group

Key Points

• Goldman Sachs lowered its target price for Core & Main (NYSE:CNM) from $68.00 to $60.00, maintaining a "neutral" rating, with an upside potential of 21.30% based on the stock's previous close.
• Analyst ratings vary, with Barclays and Wells Fargo setting targets of $65.00 and $58.00, respectively, while a total of six analysts rate the stock as a Buy.
• Core & Main reported earnings of $0.87 per share for the last quarter, exceeding analyst estimates, and had a revenue of $2.09 billion, reflecting a 6.6% year-over-year increase.

Core & Main (NYSE:CNM - Get Free Report) had its price target reduced by equities researchers at The Goldman Sachs Group from $68.00 to $60.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "neutral" rating on the stock. The Goldman Sachs Group's target price would suggest a potential upside of 22.02% from the company's previous close.

A number of other equities analysts also recently weighed in on the stock. Loop Capital reaffirmed a "hold" rating and set a $68.00 price target on shares of Core & Main in a research note on Monday, July 28th. Barclays reduced their target price on Core & Main from $69.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, September 10th. JPMorgan Chase & Co. cut their price objective on Core & Main from $64.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, September 10th. Wells Fargo & Company decreased their target price on Core & Main from $70.00 to $58.00 and set an "overweight" rating for the company in a report on Wednesday, September 10th. Finally, Truist Financial cut their price target on shares of Core & Main from $56.00 to $50.00 and set a "hold" rating on the stock in a report on Thursday, September 11th. Six 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 currently has an average rating of "Moderate Buy" and a consensus target price of $59.60.

Core & Main Trading Down 0.7%

Shares of NYSE:CNM traded down $0.35 during midday trading on Friday, reaching $49.17. The company's stock had a trading volume of 2,924,635 shares, compared to its average volume of 2,142,137. The firm has a market cap of $9.69 billion, a price-to-earnings ratio of 21.95, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04. The business has a 50 day moving average price of $62.35 and a 200 day moving average price of $56.03. Core & Main has a 1 year low of $41.60 and a 1 year high of $67.18. The company has a quick ratio of 1.30, a current ratio of 2.25 and a debt-to-equity ratio of 1.14.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Tuesday, September 9th. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.08. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.12 billion. During the same period last year, the company earned $0.61 EPS. The firm's quarterly revenue was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. Research analysts forecast that Core & Main will post 2.16 EPS for the current year.

Insider Buying and Selling

In other Core & Main news, Director James G. Castellano sold 43,994 shares of Core & Main stock in a transaction on Friday, July 18th. The shares were sold at an average price of $61.98, for a total value of $2,726,748.12. Following the completion of the transaction, the director owned 4,638 shares of the company's stock, valued at $287,463.24. The trade was a 90.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Orvin T. Kimbrough sold 23,962 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $61.77, for a total transaction of $1,480,132.74. Following the sale, the director directly owned 13,958 shares in the company, valued at $862,185.66. This trade represents a 63.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 422,956 shares of company stock worth $26,343,241. 3.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core & Main

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC raised its holdings in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock valued at $27,000 after buying an additional 269 shares during the last quarter. Bfsg LLC increased its holdings in shares of Core & Main by 56.4% in the second quarter. Bfsg LLC now owns 560 shares of the company's stock valued at $34,000 after buying an additional 202 shares in the last quarter. Hantz Financial Services Inc. lifted its holdings in shares of Core & Main by 815.7% during the second quarter. Hantz Financial Services Inc. now owns 641 shares of the company's stock valued at $39,000 after purchasing an additional 571 shares during the last quarter. Parallel Advisors LLC boosted its holdings in shares of Core & Main by 447.1% in the first quarter. Parallel Advisors LLC now owns 651 shares of the company's stock worth $31,000 after buying an additional 532 shares during the period. Finally, Rossby Financial LCC acquired a new stake in Core & Main during the 1st quarter valued at $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.