Core & Main (NYSE:CNM) Posts Earnings Results, Beats Expectations By $0.16 EPS

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

Core & Main Stock Up 2.7 %

Core & Main stock traded up $0.67 during midday trading on Thursday, reaching $25.41. The stock had a trading volume of 11,763 shares, compared to its average volume of 478,394. The company has a fifty day moving average price of $23.54 and a two-hundred day moving average price of $23.22. Core & Main has a 12 month low of $20.00 and a 12 month high of $32.54. The company has a current ratio of 2.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $6.25 billion, a P/E ratio of 13.45, a PEG ratio of 1.12 and a beta of 1.08.

Insiders Place Their Bets

In related news, General Counsel Mark G. Whittenburg sold 6,179 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $24.79, for a total value of $153,177.41. Following the transaction, the general counsel now directly owns 5,286 shares in the company, valued at approximately $131,039.94. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Core & Main news, CEO Stephen O. Leclair sold 25,270 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $24.61, for a total transaction of $621,894.70. Following the completion of the sale, the chief executive officer now directly owns 35,742 shares of the company’s stock, valued at approximately $879,610.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Mark G. Whittenburg sold 6,179 shares of the stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $24.79, for a total value of $153,177.41. Following the completion of the sale, the general counsel now directly owns 5,286 shares of the company’s stock, valued at $131,039.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,537 shares of company stock worth $2,592,657. Corporate insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Core & Main

Institutional investors have recently bought and sold shares of the stock. Robeco Schweiz AG purchased a new stake in Core & Main during the first quarter valued at about $51,950,000. Vanguard Group Inc. lifted its stake in Core & Main by 58.6% in the first quarter. Vanguard Group Inc. now owns 4,472,479 shares of the company’s stock worth $108,189,000 after purchasing an additional 1,652,035 shares during the last quarter. First Trust Advisors LP purchased a new stake in Core & Main during the 1st quarter valued at about $28,253,000. BlackRock Inc. increased its stake in shares of Core & Main by 55.9% in the first quarter. BlackRock Inc. now owns 2,148,449 shares of the company’s stock worth $51,972,000 after buying an additional 770,677 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Core & Main by 35.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,575,321 shares of the company’s stock worth $38,107,000 after purchasing an additional 415,368 shares during the period. Institutional investors own 94.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CNM. Credit Suisse Group raised their price target on shares of Core & Main from $29.00 to $32.00 and gave the company an “outperform” rating in a research note on Wednesday. Citigroup raised their target price on Core & Main from $25.00 to $26.00 in a research report on Wednesday. Royal Bank of Canada upped their price target on Core & Main from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday. Robert W. Baird raised their price objective on Core & Main from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Core & Main in a research report on Wednesday, August 17th. They set a “buy” rating and a $40.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $29.00.

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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