Core & Main (NYSE:CNM) Posts Quarterly Earnings Results, Beats Estimates By $0.19 EPS

Core & Main (NYSE:CNM) issued its earnings results on Wednesday. The company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.19, FiscalAI reports. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. Core & Main had a net margin of 5.77% and a return on equity of 25.45%.

Core & Main Stock Performance

NYSE CNM opened at $52.63 on Wednesday. The stock has a market cap of $10.25 billion, a P/E ratio of 22.79, a PEG ratio of 1.88 and a beta of 0.91. The company’s 50-day simple moving average is $49.80 and its 200 day simple moving average is $52.04. Core & Main has a twelve month low of $43.96 and a twelve month high of $67.18. The company has a quick ratio of 1.51, a current ratio of 2.63 and a debt-to-equity ratio of 1.02.

Insider Activity

In other Core & Main news, CFO Robyn L. Bradbury sold 5,000 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $52.54, for a total transaction of $262,700.00. Following the sale, the chief financial officer directly owned 12,500 shares of the company’s stock, valued at approximately $656,750. This represents a 28.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope acquired 1,972 shares of the firm’s stock in a transaction on Tuesday, April 7th. The shares were purchased at an average cost of $50.70 per share, for a total transaction of $99,980.40. Following the completion of the purchase, the director directly owned 6,939 shares of the company’s stock, valued at approximately $351,807.30. The trade was a 39.70% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 1.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Core & Main

Several large investors have recently added to or reduced their stakes in CNM. EverSource Wealth Advisors LLC grew its stake in 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 buying an additional 269 shares during the last quarter. Cubist Systematic Strategies LLC grew its stake in Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after buying an additional 524 shares during the last quarter. Quarry LP bought a new stake in Core & Main during the fourth quarter worth about $38,000. Los Angeles Capital Management LLC bought a new stake in Core & Main during the fourth quarter worth about $44,000. Finally, Wilmington Savings Fund Society FSB grew its stake in 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 buying an additional 311 shares during the last quarter. 94.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

CNM has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Barclays lowered their target price on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 25th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Core & Main currently has an average rating of “Moderate Buy” and a consensus target price of $61.64.

Core & Main Company Profile

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.