Core & Main (NYSE:CNM) Posts Earnings Results, Meets Expectations

Core & Main (NYSE:CNM - Get Free Report) announced its earnings results on Tuesday. The company reported $0.52 EPS for the quarter, meeting analysts' consensus estimates of $0.52, RTT News reports. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same quarter in the prior year, the company earned $0.49 earnings per share. The firm's revenue for the quarter was up 9.8% on a year-over-year basis.

Core & Main Price Performance

Shares of CNM stock traded down $1.24 during mid-day trading on Tuesday, hitting $58.10. 4,738,437 shares of the stock were exchanged, compared to its average volume of 2,293,630. Core & Main has a 52-week low of $37.22 and a 52-week high of $60.38. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The company has a market cap of $11.50 billion, a PE ratio of 27.27, a price-to-earnings-growth ratio of 2.61 and a beta of 1.02. The firm has a fifty day moving average of $52.04 and a 200 day moving average of $51.80.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CNM shares. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Core & Main in a research report on Tuesday. Citigroup restated a "neutral" rating on shares of Core & Main in a research report on Tuesday. Deutsche Bank Aktiengesellschaft initiated coverage on Core & Main in a report on Tuesday, April 1st. They issued a "buy" rating and a $60.00 price objective for the company. JPMorgan Chase & Co. boosted their target price 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. Finally, Royal Bank of Canada reaffirmed an "outperform" rating on shares of Core & Main in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.91.

Insider Activity

In other news, EVP John R. Schaller sold 9,794 shares of Core & Main stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $55.00, for a total transaction of $538,670.00. Following the transaction, the executive vice president now owns 19,689 shares in the company, valued at $1,082,895. The trade was a 33.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Laura K. Schneider sold 45,695 shares of Core & Main stock in a transaction that occurred 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 approximately $724,106.25. The trade was a 78.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 107,666 shares of company stock worth $5,768,852 over the last three months. 3.53% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC grew its stake in shares of Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after acquiring an additional 524 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of Core & Main during the first quarter worth about $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Core & Main by 36.6% during the first 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. Finally, Goldman Sachs Group Inc. increased its stake in shares of Core & Main by 23.1% during the first 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 period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

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.