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

Core & Main (NYSE:CNM) posted its earnings results on Tuesday. The company reported $0.52 earnings per share for the quarter, meeting 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%. The business’s revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.49 earnings per share.

Core & Main Price Performance

Core & Main stock opened at $59.26 on Tuesday. The stock has a market cap of $11.73 billion, a P/E ratio of 27.82, a price-to-earnings-growth ratio of 2.61 and a beta of 1.02. The company has a fifty day simple moving average of $52.04 and a 200-day simple moving average of $51.80. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. Core & Main has a 12-month low of $37.22 and a 12-month high of $60.38.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Core & Main in a report on Tuesday. Citigroup reissued a “neutral” rating on shares of Core & Main in a research note on Tuesday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Core & Main in a research report on Tuesday, April 1st. They set a “buy” rating and a $60.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating on shares of Core & Main in a research report on Tuesday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Core & Main from $54.00 to $56.00 and gave the company an “overweight” rating in a research report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.91.

Insider Buying and Selling at Core & Main

In related news, insider Laura K. Schneider sold 45,695 shares of Core & Main stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $56.25, for a total transaction of $2,570,343.75. Following the sale, the insider now directly owns 12,873 shares in the company, valued at $724,106.25. This trade represents a 78.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John R. Schaller sold 9,794 shares of the company’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $55.00, for a total value of $538,670.00. Following the completion of the sale, the executive vice president now directly owns 19,689 shares of the company’s stock, valued at approximately $1,082,895. This trade represents a 33.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 107,666 shares of company stock worth $5,768,852 over the last ninety days. Corporate insiders own 3.53% of the company’s stock.

Hedge Funds Weigh In On Core & Main

Institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its position in Core & Main by 23.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company’s stock worth $14,106,000 after buying an additional 54,854 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of 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 worth $1,719,000 after buying an additional 9,534 shares in the last quarter. AQR Capital Management LLC purchased a new stake in shares of Core & Main in the first quarter valued at about $396,000. Finally, Cubist Systematic Strategies LLC grew its holdings in Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after buying an additional 524 shares during the last quarter. Institutional investors and hedge funds 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.