Core & Main (NYSE:CNM) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Core & Main beat quarterly expectations: The company reported $0.94 in EPS versus the $0.92 consensus estimate, while revenue of $2.15 billion slightly exceeded expectations of $2.14 billion.
• Shares opened at $44.07, below their 50-day and 200-day moving averages, with a market capitalization of approximately $8.53 billion and a one-year trading range of $41.55 to $59.66.
• Analysts maintain a consensus “Moderate Buy” rating with a $56.70 price target, while institutional investors own 94.19% of the stock; director James Hope also recently increased his holdings by 21.23%.

Core & Main (NYSE:CNM - Get Free Report) issued its earnings results on Wednesday. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.92 by $0.02, FiscalAI reports. Core & Main had a return on equity of 26.17% and a net margin of 5.87%.The company had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.14 billion.

Core & Main Stock Performance

NYSE CNM opened at $44.07 on Wednesday. The company has a fifty day moving average price of $44.73 and a 200-day moving average price of $48.09. The firm has a market cap of $8.53 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 1.53 and a beta of 0.91. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.31 and a quick ratio of 1.31. Core & Main has a 1 year low of $41.55 and a 1 year high of $59.66.

Wall Street Analysts Forecast Growth

CNM has been the topic of several recent research reports. The Goldman Sachs Group reiterated a "neutral" rating and issued a $24.00 price target on shares of Core & Main in a report on Thursday, June 11th. Northcoast Research lowered Core & Main from a "buy" rating to a "neutral" rating in a research report on Wednesday, August 26th. Wall Street Zen cut Core & Main from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Citigroup reduced their price target on shares of Core & Main from $54.00 to $53.00 and set a "neutral" rating for the company in a research report on Thursday, June 11th. Finally, William Blair started coverage on shares of Core & Main in a research note on Thursday, July 23rd. They set a "market perform" rating for the company. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $56.70.

Insider Buying and Selling at Core & Main

In other news, Director James Hope purchased 2,067 shares of the business's stock in a transaction that occurred on Monday, July 6th. The shares were acquired at an average cost of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the acquisition, the director owned 11,805 shares in the company, valued at $543,148.05. This trade represents a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Core & Main

Several hedge funds have recently modified their holdings of the company. First Trust Advisors LP grew its holdings in shares of Core & Main by 38.6% in the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company's stock valued at $276,380,000 after acquiring an additional 1,482,235 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in Core & Main in the third quarter worth $67,284,000. Morgan Stanley grew its stake in Core & Main by 8.3% in the 4th quarter. Morgan Stanley now owns 14,586,859 shares of the company's stock valued at $758,079,000 after purchasing an additional 1,118,145 shares during the period. Schonfeld Strategic Advisors LLC grew its stake in Core & Main by 286.6% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 1,379,820 shares of the company's stock valued at $74,276,000 after purchasing an additional 1,022,864 shares during the period. Finally, Millennium Management LLC increased its position in shares of Core & Main by 217.9% during the 3rd quarter. Millennium Management LLC now owns 1,181,907 shares of the company's stock valued at $63,622,000 after purchasing an additional 810,155 shares during the last quarter. Institutional investors own 94.19% of the company's stock.

Core & Main Company Profile

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.

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