Core & Main (NYSE:CNM) Announces Earnings Results

by · The Markets Daily

Core & Main (NYSE:CNM – Get Free Report) posted its quarterly earnings results on Tuesday. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.17, FiscalAI reports. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter in the prior year, the business posted $0.69 EPS.

Core & Main Price Performance

Shares of CNM opened at $50.53 on Tuesday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.30 and a current ratio of 2.25. The stock has a 50 day simple moving average of $50.37 and a 200 day simple moving average of $56.40. Core & Main has a 52-week low of $43.17 and a 52-week high of $67.18. The firm has a market capitalization of $9.98 billion, a PE ratio of 22.56, a P/E/G ratio of 1.97 and a beta of 0.99.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CNM shares. The Goldman Sachs Group dropped their price objective on Core & Main from $68.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, September 12th. Royal Bank Of Canada lowered their price target on Core & Main from $67.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday, September 10th. JPMorgan Chase & Co. increased their price target on shares of Core & Main from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Barclays decreased their price objective on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, December 1st. Finally, Wells Fargo & Company lowered their target price on shares of Core & Main from $60.00 to $55.00 and set an “overweight” rating for the company in a research note on Thursday, December 4th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Core & Main currently has an average rating of “Moderate Buy” and an average target price of $60.00.

Check Out Our Latest Stock Report on CNM

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CNM. Zurich Insurance Group Ltd FI acquired a new position in shares of Core & Main in the third quarter valued at approximately $67,284,000. Schonfeld Strategic Advisors LLC lifted its position 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 acquiring an additional 1,022,864 shares in the last quarter. Millennium Management LLC boosted its stake in Core & Main by 217.9% in the 3rd quarter. Millennium Management LLC now owns 1,181,907 shares of the company’s stock worth $63,622,000 after purchasing an additional 810,155 shares during the period. Zimmer Partners LP bought a new position in Core & Main during the 3rd quarter worth about $34,720,000. Finally, Bank of America Corp DE increased its holdings in Core & Main by 20.6% during the 2nd quarter. Bank of America Corp DE now owns 2,255,531 shares of the company’s stock worth $136,121,000 after purchasing an additional 385,659 shares in the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Company Profile

(Get Free Report)

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.

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