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

Core & Main (NYSE:CNM) released its quarterly earnings results on Tuesday. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04, Briefing.com reports. Core & Main had a return on equity of 24.63% and a net margin of 5.60%.The business’s revenue was down 6.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.33 earnings per share.

Core & Main Price Performance

CNM opened at $48.41 on Tuesday. The company has a 50 day moving average of $54.38 and a two-hundred day moving average of $52.70. Core & Main has a 52-week low of $43.17 and a 52-week high of $67.18. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04. The company has a market cap of $9.46 billion, a P/E ratio of 21.32, a P/E/G ratio of 1.86 and a beta of 0.98.

Core & Main declared that its Board of Directors has authorized a share repurchase plan on Tuesday, December 9th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Core & Main

Institutional investors have recently added to or reduced their stakes in the business. Deutsche Bank AG increased its holdings in Core & Main by 1.1% in the 4th quarter. Deutsche Bank AG now owns 17,859 shares of the company’s stock valued at $928,000 after purchasing an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after purchasing an additional 269 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its stake in shares of Core & Main by 47.8% during the third quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock worth $52,000 after purchasing an additional 311 shares in the last quarter. CIBC Private Wealth Group LLC boosted its position in shares of Core & Main by 35.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,298 shares of the company’s stock worth $67,000 after buying an additional 341 shares during the period. Finally, LPL Financial LLC grew its stake in shares of Core & Main by 2.2% in the fourth quarter. LPL Financial LLC now owns 20,476 shares of the company’s stock valued at $1,064,000 after buying an additional 449 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CNM shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $63.00 target price on shares of Core & Main in a research report on Friday, January 9th. Barclays lowered their price target on Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 1st. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Core & Main from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Wells Fargo & Company raised their target price on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Finally, Zacks Research downgraded shares of Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Core & Main presently has a consensus rating of “Moderate Buy” and an average price target of $62.00.

About Core & Main

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.