Truist Financial Cuts 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 price objective cut by stock analysts at Truist Financial from $56.00 to $50.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "hold" rating on the stock. Truist Financial's price target indicates a potential upside of 0.96% from the company's previous close.

A number of other research analysts have also commented on CNM. Royal Bank Of Canada dropped their price objective on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 10th. Barclays lowered their target price on shares of Core & Main from $69.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, September 10th. Wells Fargo & Company lowered their target price on shares of Core & Main from $70.00 to $58.00 and set an "overweight" rating on the stock in a report on Wednesday, September 10th. Citigroup lowered their target price on shares of Core & Main from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, September 10th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Core & Main from $64.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, September 10th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $59.60.

Core & Main Stock Down 0.5%

NYSE:CNM traded down $0.24 during midday trading on Thursday, hitting $49.53. 2,009,228 shares of the company were exchanged, compared to its average volume of 2,125,830. The company has a fifty day simple moving average of $62.61 and a 200 day simple moving average of $56.08. Core & Main has a fifty-two week low of $41.60 and a fifty-two week high of $67.18. The company has a current ratio of 2.25, a quick ratio of 1.30 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $9.76 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.91 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 EPS for the quarter, topping the consensus estimate of $0.79 by $0.08. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. 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 business earned $0.61 EPS. Core & Main's revenue for the quarter was up 6.6% compared to the same quarter last year. Core & Main has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Core & Main will post 2.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director James G. Castellano sold 43,994 shares of the business's stock in a transaction that occurred 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 filing with the SEC, which is available at the SEC website. Also, insider Stephen O. Leclair sold 80,028 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $62.27, for a total transaction of $4,983,343.56. Following the completion of the transaction, the insider directly owned 70,736 shares of the company's stock, valued at approximately $4,404,730.72. This represents a 53.08% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 422,956 shares of company stock valued at $26,343,241. 3.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Core & Main

Institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its holdings in Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock valued at $27,000 after purchasing an additional 269 shares during the period. Parallel Advisors LLC grew its holdings in Core & Main by 447.1% in the first quarter. Parallel Advisors LLC now owns 651 shares of the company's stock valued at $31,000 after purchasing an additional 532 shares during the period. Bfsg LLC grew its holdings in 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 purchasing an additional 202 shares during the period. Cubist Systematic Strategies LLC grew its holdings in Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after purchasing an additional 524 shares during the period. Finally, Rossby Financial LCC purchased a new stake in Core & Main in the first quarter valued at approximately $37,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

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.