Wells Fargo & Company Has Lowered Expectations for Core & Main (NYSE:CNM) Stock Price

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 reduced by Wells Fargo & Company from $70.00 to $58.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective would indicate a potential upside of 16.82% from the stock's current price.

A number of other research analysts have also issued reports on the stock. Citigroup upped their target price on shares of Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a report on Tuesday, June 10th. Royal Bank Of Canada cut their price target on Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a report on Wednesday, September 10th. Barclays reduced their price target on Core & Main from $69.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 10th. Loop Capital reiterated a "hold" rating and set a $68.00 target price on shares of Core & Main in a research report on Monday, July 28th. Finally, JPMorgan Chase & Co. lifted their price target on Core & Main from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Thursday, September 4th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Core & Main presently has an average rating of "Moderate Buy" and a consensus target price of $59.60.

Core & Main Price Performance

Shares of CNM stock traded up $0.98 during trading hours on Wednesday, hitting $49.65. The company's stock had a trading volume of 1,833,211 shares, compared to its average volume of 2,112,137. The company has a current ratio of 2.25, a quick ratio of 1.30 and a debt-to-equity ratio of 1.14. Core & Main has a twelve month low of $40.42 and a twelve month high of $67.18. The stock has a market cap of $9.79 billion, a price-to-earnings ratio of 22.16, a P/E/G ratio of 1.91 and a beta of 1.04. The business has a fifty day moving average of $62.85 and a 200-day moving average of $56.09.

Core & Main (NYSE:CNM - Get Free Report) last posted its 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. 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 quarter in the prior year, the company earned $0.61 EPS. Core & Main's revenue was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Core & Main will post 2.16 EPS for the current year.

Insider Activity

In other news, insider Stephen O. Leclair sold 80,028 shares of the firm's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $62.27, for a total value of $4,983,343.56. Following the transaction, the insider owned 70,736 shares of the company's stock, valued at approximately $4,404,730.72. This trade represents a 53.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Robyn L. Bradbury sold 25,000 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $60.49, for a total value of $1,512,250.00. Following the completion of the sale, the chief financial officer owned 8,555 shares of the company's stock, valued at approximately $517,491.95. This trade represents a 74.50% 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 quarter. 3.53% of the stock is owned by insiders.

Hedge Funds Weigh In On Core & Main

Several institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased 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 buying an additional 269 shares during the last quarter. Bfsg LLC raised its position in shares of Core & Main by 56.4% during the 2nd quarter. Bfsg LLC now owns 560 shares of the company's stock valued at $34,000 after acquiring an additional 202 shares in the last quarter. Hantz Financial Services Inc. lifted its stake in Core & Main by 815.7% during the second quarter. Hantz Financial Services Inc. now owns 641 shares of the company's stock worth $39,000 after purchasing an additional 571 shares during the last quarter. Parallel Advisors LLC increased its stake in Core & Main by 447.1% during 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 last quarter. Finally, Rossby Financial LCC acquired a new stake in shares of Core & Main during the first quarter worth $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.