Core & Main (NYSE:CNM) Releases Earnings Results

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

Core & Main Price Performance

Core & Main stock opened at $46.70 on Tuesday. The stock’s 50 day moving average is $54.38 and its 200 day moving average is $52.70. Core & Main has a one year low of $43.17 and a one year high of $67.18. The firm has a market cap of $9.13 billion, a P/E ratio of 20.59, a P/E/G ratio of 1.86 and a beta of 0.98. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CNM. Deutsche Bank AG increased its position in shares of Core & Main by 1.1% during the fourth quarter. Deutsche Bank AG now owns 17,859 shares of the company’s stock worth $928,000 after acquiring an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after buying an additional 269 shares during the period. Wilmington Savings Fund Society FSB raised its position in Core & Main by 47.8% in the third quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock worth $52,000 after acquiring an additional 311 shares during the period. CIBC Private Wealth Group LLC grew its holdings in Core & Main by 35.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,298 shares of the company’s stock valued at $67,000 after purchasing an additional 341 shares during the period. Finally, LPL Financial LLC increased 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 worth $1,064,000 after purchasing an additional 449 shares in the last quarter. 94.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on CNM. Barclays reduced their price objective on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Monday, December 1st. Citigroup lifted their price target on Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft boosted their price target on Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Robert W. Baird raised their target price on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, December 10th. Finally, Wells Fargo & Company upped their price target on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $62.00.

Core & Main declared that its board has approved a share buyback program on Tuesday, December 9th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

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.