Wells Fargo & Company Lowers Core & Main (NYSE:CNM) Price Target to $58.00

Key Points

• Wells Fargo & Company has lowered its price target for Core & Main (NYSE: CNM) from $70.00 to $58.00, though the firm maintains an "overweight" rating on the stock.
• Other analysts, including JPMorgan and Citigroup, have set their target prices for Core & Main higher, indicating a varied analyst outlook with a consensus target price of $61.70.
• Core & Main reported earnings of $0.87 per share, surpassing estimates and showing a year-over-year revenue increase of 6.6%.

Core & Main (NYSE:CNM - Get Free Report) had its price target dropped by research analysts at Wells Fargo & Company from $70.00 to $58.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 16.65% from the company's previous close.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. raised their target price on shares of Core & Main from $56.00 to $64.00 and gave the company an "overweight" rating in a research note on Thursday, September 4th. Citigroup raised their target price on shares of Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. Barclays lowered their target price on shares of Core & Main from $69.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday. Loop Capital reiterated a "hold" rating and set a $68.00 price objective on shares of Core & Main in a research note on Monday, July 28th. Finally, Royal Bank Of Canada lowered their price objective 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 research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Core & Main has an average rating of "Moderate Buy" and a consensus target price of $61.70.

Core & Main Price Performance

NYSE CNM opened at $49.72 on Wednesday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.10 and a current ratio of 1.96. The firm's 50 day moving average price is $63.64 and its 200-day moving average price is $56.08. Core & Main has a 52-week low of $37.22 and a 52-week high of $67.18. The company has a market cap of $9.80 billion, a PE ratio of 23.13, a P/E/G ratio of 1.96 and a beta of 1.04.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings data 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. Core & Main had a net margin of 5.47% and a return on equity of 23.55%. The firm had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.12 billion. During the same period last year, the firm earned $0.61 earnings per share. The company's quarterly revenue was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Core & Main will post 2.16 EPS for the current fiscal year.

Insider Activity at Core & Main

In related news, CFO Robyn L. Bradbury sold 25,000 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $60.49, for a total transaction of $1,512,250.00. Following the completion of the transaction, the chief financial officer directly owned 8,555 shares in the company, valued at $517,491.95. The trade was a 74.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Orvin T. Kimbrough sold 23,962 shares of the company's stock in a transaction dated 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 transaction, the director owned 13,958 shares of the company's stock, valued at approximately $862,185.66. This trade represents a 63.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 422,956 shares of company stock valued at $26,343,241 over the last ninety days. Corporate insiders own 3.53% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. raised its position in shares of Core & Main by 3.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock worth $343,000 after acquiring an additional 229 shares during the period. Truist Financial Corp increased its stake in shares of Core & Main by 21.2% during the first quarter. Truist Financial Corp now owns 705,339 shares of the company's stock worth $34,075,000 after purchasing an additional 123,494 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Core & Main by 6.3% during the first quarter. Envestnet Asset Management Inc. now owns 159,896 shares of the company's stock worth $7,725,000 after purchasing an additional 9,473 shares in the last quarter. Perpetual Ltd increased its stake in shares of Core & Main by 12.4% during the first quarter. Perpetual Ltd now owns 223,671 shares of the company's stock worth $10,806,000 after purchasing an additional 24,610 shares in the last quarter. Finally, New York State Teachers Retirement System increased its stake in shares of Core & Main by 53.7% during the first quarter. New York State Teachers Retirement System now owns 86,679 shares of the company's stock worth $4,187,000 after purchasing an additional 30,286 shares in the last quarter. 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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