Core & Main (NYSE:CNM) Posts Earnings Results

Core & Main (NYSE:CNM) issued its earnings results on Wednesday. The company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.01), MarketWatch Earnings reports. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Core & Main had a return on equity of 15.57% and a net margin of 5.45%. The company’s quarterly revenue was up .0% compared to the same quarter last year. During the same period last year, the business posted $0.89 earnings per share. Core & Main updated its FY 2023 guidance to EPS.

Core & Main Stock Up 1.0 %

Shares of Core & Main stock opened at $29.80 on Friday. Core & Main has a 1-year low of $18.75 and a 1-year high of $33.32. The company has a market capitalization of $6.89 billion, a PE ratio of 14.06 and a beta of 0.91. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.71 and a quick ratio of 1.42. The business has a 50-day moving average of $31.56 and a 200-day moving average of $27.46.

Insider Transactions at Core & Main

In other news, major shareholder Cd&R Investment Associates X, sold 17,125,728 shares of Core & Main stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $28.21, for a total transaction of $483,116,786.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Cd&R Investment Associates X, sold 17,125,728 shares of Core & Main stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $28.21, for a total transaction of $483,116,786.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Laura K. Schneider sold 49,904 shares of Core & Main stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $30.03, for a total value of $1,498,617.12. Following the sale, the insider now directly owns 9,672 shares in the company, valued at $290,450.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,200,632 shares of company stock valued at $485,414,404. 3.49% of the stock is currently owned by insiders.

Institutional Trading of Core & Main

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ethic Inc. bought a new stake in Core & Main in the first quarter valued at about $221,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Core & Main in the second quarter valued at about $220,000. Price T Rowe Associates Inc. MD bought a new stake in Core & Main in the third quarter valued at about $218,000. LPL Financial LLC bought a new stake in Core & Main in the second quarter valued at about $218,000. Finally, Dimensional Fund Advisors LP bought a new stake in Core & Main in the first quarter valued at about $212,000. 94.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CNM. Credit Suisse Group increased their target price on Core & Main from $28.00 to $33.00 in a research report on Thursday. Citigroup increased their target price on Core & Main from $29.00 to $34.00 and gave the stock a “neutral” rating in a research report on Friday, July 14th. Royal Bank of Canada increased their target price on Core & Main from $33.00 to $34.00 and gave the stock an “outperform” rating in a research report on Thursday. The Goldman Sachs Group increased their target price on Core & Main from $33.00 to $34.00 in a research report on Thursday. Finally, TheStreet raised Core & Main from a “c” rating to a “b-” rating in a research report on Monday, July 24th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Core & Main presently has an average rating of “Moderate Buy” and a consensus target price of $36.20.

About Core & Main

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter accessories, installation, software, and other services.