Core & Main (NYSE:CNM) Announces Quarterly Earnings Results

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

Core & Main Trading Down 0.6%

Shares of CNM opened at $44.07 on Wednesday. The firm has a fifty day simple moving average of $44.73 and a two-hundred day simple moving average of $48.09. Core & Main has a twelve month low of $41.55 and a twelve month high of $59.66. The stock has a market capitalization of $8.53 billion, a P/E ratio of 18.67, a PEG ratio of 1.53 and a beta of 0.91. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00.

Insider Activity

In other Core & Main news, Director James Hope purchased 2,067 shares of Core & Main stock in a transaction that occurred on Monday, July 6th. The shares were bought at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the acquisition, the director directly owned 11,805 shares in the company, valued at approximately $543,148.05. This trade represents a 21.23% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.51% of the stock is owned by insiders.

Institutional Trading of Core & Main

Large investors have recently added to or reduced their stakes in the stock. Atlas Capital Advisors Inc. purchased a new stake in Core & Main in the fourth quarter worth $116,000. Kestra Advisory Services LLC bought a new position in Core & Main in the fourth quarter worth $74,000. Marex Group plc purchased a new position in Core & Main during the fourth quarter valued at $231,000. Brown Brothers Harriman & Co. purchased a new position in Core & Main during the fourth quarter valued at $95,000. Finally, Lazard Asset Management LLC bought a new stake in shares of Core & Main during the 3rd quarter valued at $285,000. Institutional investors own 94.19% of the company’s stock.

Analyst Ratings Changes

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

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.