Core & Main Inc (NYSE: CNM) said on Wednesday that its Board of Directors had authorized the repurchase of up to $500 million of the company’s outstanding shares of Class A common stock.
”We remain confident in our ability to grow faster than our end markets, while expanding profitability and generating strong cash flow. Today’s Repurchase Authorization displays our commitment to returning capital to shareholders. Our expectation of strong cash generation will allow us to continue investing in growth, both organically and inorganically, while returning capital to shareholders to compound long-term value creation,” Steve LeClair, Chairman and Chief Executive Officer of Core & Main Inc, said in a press release.
Stock Performance
The shares of Core & Main Inc (CNM) closed 7.27% ($3.43) higher at $50.62 in New York on Wednesday, as they reversed a loss from the previous market session.
It has been the sharpest single-session gain since March 19th.
The company’s total market cap now stands at $10.198 billion.
The shares of Core & Main Inc (CNM) went up 109.27% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen 25.27% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 6 out of 10 surveyed investment analysts had rated Core & Main Inc’s stock as “Buy”, while 3 – as “Hold”. The median price target on the stock stands at $57.40, which translates into a 13.39% upside compared to the closing price on Wednesday.
The high point of the analyst forecast range stands at $67.00.
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