Truist Financial Lowers Core & Main (NYSE:CNM) Price Target to $50.00

Key Points

• Truist Financial has lowered its price target for Core & Main from $56.00 to $50.00, maintaining a "hold" rating on the stock, indicating a potential upside of 2.59% from its current price.
• Several other analysts have also adjusted their price targets downward, with Wells Fargo setting a new target of $58.00 and Royal Bank of Canada at $62.00, while the stock maintains an average rating of "Moderate Buy" and consensus target price of $59.30.
• Core & Main's shares rose by 0.4%, trading at $48.74, with significant insider selling recently reported, including Director Orvin T. Kimbrough selling nearly 24,000 shares.

Core & Main (NYSE:CNM - Get Free Report) had its target price reduced by research analysts at Truist Financial from $56.00 to $50.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a "hold" rating on the stock. Truist Financial's price objective suggests a potential upside of 2.59% from the stock's current price.

Several other analysts also recently issued reports on the company. Wells Fargo & Company decreased their target price on Core & Main from $70.00 to $58.00 and set an "overweight" rating on the stock in a research note on Wednesday. Royal Bank Of Canada decreased their target price on Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a research report on Wednesday. Barclays dropped their target price on Core & Main from $69.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday. Citigroup cut their price objective on Core & Main from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. dropped their target price on Core & Main from $64.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $59.30.

Core & Main Stock Up 0.4%

Shares of NYSE CNM traded up $0.18 during mid-day trading on Thursday, hitting $48.74. 905,631 shares of the stock traded hands, compared to its average volume of 2,072,938. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.10 and a current ratio of 2.25. The stock has a fifty day moving average price of $63.38 and a 200-day moving average price of $56.02. Core & Main has a 52 week low of $38.66 and a 52 week high of $67.18. The company has a market cap of $9.61 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 1.47 and a beta of 1.04.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.79 by $0.08. The firm had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.12 billion. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The company's quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. Research analysts anticipate that Core & Main will post 2.16 EPS for the current year.

Insider Activity at Core & Main

In other Core & Main news, Director Orvin T. Kimbrough sold 23,962 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director directly owned 13,958 shares of the company's stock, valued at $862,185.66. This represents a 63.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robyn L. Bradbury sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $64.51, for a total value of $322,550.00. Following the sale, the chief financial officer directly owned 8,555 shares of the company's stock, valued at approximately $551,883.05. This represents a 36.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 422,956 shares of company stock worth $26,343,241 over the last three months. Company insiders own 3.53% of the company's stock.

Institutional Investors Weigh In On Core & Main

A number of institutional investors and hedge funds have recently modified their holdings of CNM. EverSource Wealth Advisors LLC grew 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 worth $27,000 after acquiring an additional 269 shares during the period. Parallel Advisors LLC lifted its stake in shares of Core & Main by 447.1% during the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company's stock worth $31,000 after purchasing an additional 532 shares during the period. Bfsg LLC lifted its stake in shares of Core & Main by 56.4% during the 2nd quarter. Bfsg LLC now owns 560 shares of the company's stock worth $34,000 after purchasing an additional 202 shares during the period. Cubist Systematic Strategies LLC raised its position in shares of Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after buying an additional 524 shares during the period. Finally, Rossby Financial LCC purchased a new position in shares of Core & Main in the 1st quarter worth $37,000. Institutional investors and hedge funds 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.

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