Core & Main (NYSE:CNM) Announces Earnings Results

Core & Main (NYSE:CNM) posted its quarterly earnings data on Wednesday. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02, FiscalAI reports. The company had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.14 billion. Core & Main had a return on equity of 26.17% and a net margin of 5.87%.

Core & Main Price Performance

Shares of CNM opened at $44.07 on Wednesday. Core & Main has a 1 year low of $41.55 and a 1 year high of $59.66. The stock’s 50-day moving average price is $44.73 and its two-hundred day moving average price is $48.09. The stock has a market cap of $8.53 billion, a P/E ratio of 18.67, a price-to-earnings-growth ratio of 1.53 and a beta of 0.91. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.00.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CNM. William Blair started coverage on Core & Main in a report on Thursday, July 23rd. They issued a “market perform” rating for the company. Citigroup lowered their price objective on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a research report on Thursday, June 11th. Wall Street Zen downgraded shares of Core & Main from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Northcoast Research lowered shares of Core & Main from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 26th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $24.00 price target on shares of Core & Main in a report on Thursday, June 11th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $56.70.

Insider Transactions at Core & Main

In related news, Director James Hope bought 2,067 shares of the company’s stock in a transaction on Monday, July 6th. The shares were purchased at an average cost of $46.01 per share, for a total transaction of $95,102.67. Following the acquisition, the director owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. This represents a 21.23% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.51% of the company’s stock.

Institutional Trading of Core & Main

A number of institutional investors have recently modified their holdings of CNM. First Trust Advisors LP lifted its position in shares of Core & Main by 38.6% in the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock worth $276,380,000 after purchasing an additional 1,482,235 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in Core & Main in the 3rd quarter valued at about $67,284,000. Morgan Stanley increased its position in Core & Main by 8.3% during the 4th quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock worth $758,079,000 after buying an additional 1,118,145 shares during the period. Schonfeld Strategic Advisors LLC raised its stake in Core & Main by 286.6% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company’s stock worth $74,276,000 after purchasing an additional 1,022,864 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Core & Main by 217.9% during the third quarter. Millennium Management LLC now owns 1,181,907 shares of the company’s stock worth $63,622,000 after purchasing an additional 810,155 shares during the period. 94.19% of the stock is currently owned by institutional investors.

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.