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

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

Core & Main Trading Up 0.9%

Shares of NYSE CNM opened at $52.63 on Wednesday. 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 fifty-two week low of $43.96 and a fifty-two week high of $67.18. The firm has a market capitalization of $10.25 billion, a P/E ratio of 22.79, a P/E/G ratio of 1.88 and a beta of 0.91. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.63 and a quick ratio of 1.51.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reduced 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 report on Wednesday, March 25th. Barclays reduced 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 report on Wednesday, March 25th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $61.64.

Insider Activity at Core & Main

In related news, CFO Robyn L. Bradbury sold 5,000 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $52.54, for a total value of $262,700.00. Following the transaction, the chief financial officer directly owned 12,500 shares in the company, valued at $656,750. This represents a 28.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope bought 1,972 shares of the stock in a transaction on Tuesday, April 7th. The stock was purchased at an average cost of $50.70 per share, with a total value of $99,980.40. Following the purchase, the director directly owned 6,939 shares of the company’s stock, valued at approximately $351,807.30. This represents a 39.70% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 1.51% of the company’s stock.

Institutional Investors Weigh In On Core & Main

Large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after purchasing an additional 269 shares in the last quarter. Cubist Systematic Strategies LLC increased its stake in Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after purchasing an additional 524 shares in the last quarter. Quarry LP bought a new stake in Core & Main in the fourth quarter valued at approximately $38,000. Los Angeles Capital Management LLC bought a new stake in Core & Main in the fourth quarter valued at approximately $44,000. Finally, Wilmington Savings Fund Society FSB increased its stake in Core & Main by 47.8% in the third quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock valued at $52,000 after purchasing an additional 311 shares in the last quarter. Institutional investors own 94.19% of the company’s stock.

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.