Core & Main (NYSE:CNM) Issues Earnings Results, Meets Estimates

Core & Main (NYSE:CNM) released its quarterly earnings data on Tuesday. The company reported $0.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.52, RTT News reports. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. During the same quarter in the prior year, the company earned $0.49 earnings per share. The company’s revenue was up 9.8% compared to the same quarter last year.

Core & Main Price Performance

Shares of CNM opened at $59.26 on Tuesday. The business’s 50-day moving average is $52.04 and its 200-day moving average is $51.80. Core & Main has a fifty-two week low of $37.22 and a fifty-two week high of $60.38. The company has a market capitalization of $11.73 billion, a price-to-earnings ratio of 27.82, a P/E/G ratio of 2.61 and a beta of 1.02. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28.

Analyst Ratings Changes

CNM has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on shares of Core & Main from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Tuesday, May 27th. Wells Fargo & Company restated an “overweight” rating on shares of Core & Main in a research note on Tuesday. Deutsche Bank Aktiengesellschaft started coverage on shares of Core & Main in a research report on Tuesday, April 1st. They issued a “buy” rating and a $60.00 target price for the company. Citigroup reiterated a “neutral” rating on shares of Core & Main in a research report on Tuesday. Finally, Royal Bank of Canada restated an “outperform” rating on shares of Core & Main in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.91.

Insider Buying and Selling at Core & Main

In other news, CAO John Weldon Stephens sold 10,214 shares of the company’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $53.02, for a total transaction of $541,546.28. Following the completion of the sale, the chief accounting officer now owns 4,120 shares in the company, valued at approximately $218,442.40. This represents a 71.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Laura K. Schneider sold 45,695 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $56.25, for a total value of $2,570,343.75. Following the transaction, the insider now owns 12,873 shares in the company, valued at approximately $724,106.25. This trade represents a 78.02% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 107,666 shares of company stock worth $5,768,852. 3.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Cubist Systematic Strategies LLC increased its position in Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after buying an additional 524 shares during the period. AQR Capital Management LLC acquired a new position in Core & Main in the first quarter worth about $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Core & Main by 36.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,576 shares of the company’s stock valued at $1,719,000 after buying an additional 9,534 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Core & Main by 23.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company’s stock worth $14,106,000 after purchasing an additional 54,854 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

About Core & Main

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.