Core & Main (NYSE:CNM) Announces Quarterly Earnings Results

Core & Main (NYSE:CNMGet Rating) posted its earnings results on Tuesday. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.53 by $0.16, Fidelity Earnings reports. Core & Main had a return on equity of 24.33% and a net margin of 5.13%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period last year, the company earned $0.10 earnings per share. The business’s quarterly revenue was up 43.4% on a year-over-year basis.

Core & Main Stock Performance

NYSE CNM opened at $24.74 on Thursday. The company has a market capitalization of $6.08 billion, a PE ratio of 13.45, a price-to-earnings-growth ratio of 1.12 and a beta of 1.08. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.07 and a current ratio of 2.07. Core & Main has a 52-week low of $20.00 and a 52-week high of $32.54. The company has a 50-day simple moving average of $23.54 and a 200 day simple moving average of $23.22.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CNM shares. Truist Financial raised their price objective on Core & Main from $25.00 to $28.00 and gave the stock a “hold” rating in a research report on Wednesday. The Goldman Sachs Group raised their price objective on Core & Main from $26.00 to $29.00 and gave the stock a “neutral” rating in a research report on Wednesday. Credit Suisse Group raised their price objective on Core & Main from $29.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft initiated coverage on Core & Main in a research note on Wednesday, August 17th. They set a “buy” rating and a $40.00 target price for the company. Finally, Robert W. Baird raised their target price on Core & Main from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $29.00.

Insider Buying and Selling at Core & Main

In other Core & Main news, insider Laura K. Schneider sold 33,333 shares of the firm’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $25.08, for a total value of $835,991.64. Following the completion of the sale, the insider now directly owns 4,866 shares of the company’s stock, valued at $122,039.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, General Counsel Mark G. Whittenburg sold 5,296 shares of the firm’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $24.78, for a total value of $131,234.88. Following the completion of the transaction, the general counsel now directly owns 5,286 shares of the company’s stock, valued at $130,987.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Laura K. Schneider sold 33,333 shares of the firm’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $25.08, for a total value of $835,991.64. Following the completion of the transaction, the insider now directly owns 4,866 shares of the company’s stock, valued at $122,039.28. The disclosure for this sale can be found here. Insiders have sold a total of 104,537 shares of company stock worth $2,592,657 over the last three months. 1.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Core & Main

A number of institutional investors and hedge funds have recently made changes to their positions in CNM. JPMorgan Chase & Co. raised its position in shares of Core & Main by 83.9% in the first quarter. JPMorgan Chase & Co. now owns 114,575 shares of the company’s stock worth $2,772,000 after buying an additional 52,285 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Core & Main by 68.4% in the first quarter. Bank of New York Mellon Corp now owns 134,101 shares of the company’s stock worth $3,245,000 after buying an additional 54,460 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Core & Main in the first quarter worth $1,208,000. Acadian Asset Management LLC purchased a new stake in Core & Main during the first quarter valued at about $364,000. Finally, MetLife Investment Management LLC purchased a new stake in Core & Main during the first quarter valued at about $58,000. Hedge funds and other institutional investors own 94.93% of the company’s stock.

Core & Main Company Profile

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Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, and other related products; fire protection products, including fire protection pipes, sprinkler heads and other devices, fire suppression systems, and related accessories, as well as fabrication services; and meter products, such as smart meter products, installation, software and other services.

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Earnings History for Core & Main (NYSE:CNM)

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