The Goldman Sachs Group Has Lowered Expectations for Core & Main (NYSE:CNM) Stock Price

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 target price decreased by investment analysts at The Goldman Sachs Group from $68.00 to $60.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. The Goldman Sachs Group's price objective indicates a potential upside of 21.30% from the company's previous close.

CNM has been the subject of a number of other research reports. Barclays dropped their price target on Core & Main from $69.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday. Wells Fargo & Company cut their target price on shares of Core & Main from $70.00 to $58.00 and set an "overweight" rating for the company in a research note on Wednesday. Loop Capital reissued a "hold" rating and issued a $68.00 target price on shares of Core & Main in a research note on Monday, July 28th. Truist Financial cut their target price on shares of Core & Main from $56.00 to $50.00 and set a "hold" rating for the company in a research note on Thursday. Finally, Royal Bank Of Canada cut their target price on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a research note on Wednesday. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $59.60.

Core & Main Price Performance

Shares of CNM stock traded up $0.02 during mid-day trading on Friday, reaching $49.47. The stock had a trading volume of 1,266,205 shares, compared to its average volume of 2,100,059. Core & Main has a 12-month low of $39.86 and a 12-month high of $67.18. The company has a market cap of $9.75 billion, a P/E ratio of 22.09, a price-to-earnings-growth ratio of 1.45 and a beta of 1.04. The business has a 50-day simple moving average of $63.12 and a 200 day simple moving average of $56.02. The company has a current ratio of 2.25, a quick ratio of 1.10 and a debt-to-equity ratio of 1.14.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings results on Tuesday, September 9th. The company reported $0.87 earnings per share for the quarter, beating 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 business had revenue of $2.09 billion during the quarter, compared to analysts' expectations of $2.12 billion. During the same quarter last year, the business posted $0.61 earnings per share. The business's revenue for the quarter was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Core & Main will post 2.16 earnings per share for the current year.

Insider Buying and Selling

In other Core & Main news, insider Stephen O. Leclair sold 44,972 shares of Core & Main stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $61.91, for a total value 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. The trade was a 38.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Robyn L. Bradbury sold 5,000 shares of Core & Main stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $64.51, for a total value of $322,550.00. Following the completion of the sale, the chief financial officer owned 8,555 shares of the company's stock, valued at $551,883.05. This trade represents a 36.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 422,956 shares of company stock worth $26,343,241 over the last ninety days. Insiders own 3.53% of the company's stock.

Institutional Trading of Core & Main

A number of institutional investors have recently modified their holdings of CNM. Norges Bank purchased a new stake in shares of Core & Main during the 2nd quarter worth about $116,333,000. Jennison Associates LLC purchased a new stake in shares of Core & Main during the 1st quarter worth about $54,742,000. Artemis Investment Management LLP grew its holdings in shares of Core & Main by 109.6% during the 1st quarter. Artemis Investment Management LLP now owns 1,791,935 shares of the company's stock worth $86,568,000 after purchasing an additional 936,863 shares during the period. Nuveen LLC purchased a new stake in shares of Core & Main during the 1st quarter worth about $44,028,000. Finally, Fernbridge Capital Management LP grew its holdings in shares of Core & Main by 180.4% during the 2nd quarter. Fernbridge Capital Management LP now owns 1,071,238 shares of the company's stock worth $64,649,000 after purchasing an additional 689,228 shares during the period. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.