Core & Main (NYSE:CNM) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Core & Main (NYSE:CNM) issued its earnings results on Tuesday. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04, Briefing.com reports. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The company’s revenue was down 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.33 earnings per share.

Core & Main Stock Performance

Shares of CNM stock opened at $48.41 on Tuesday. The stock’s 50-day moving average price is $54.38 and its 200 day moving average price is $52.70. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $9.46 billion, a PE ratio of 21.32, a price-to-earnings-growth ratio of 1.86 and a beta of 0.98. Core & Main has a 52-week low of $43.17 and a 52-week high of $67.18.

Core & Main declared that its board has initiated a share buyback program on Tuesday, December 9th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CNM. Deutsche Bank AG grew its holdings in shares of Core & Main by 1.1% in the 4th quarter. Deutsche Bank AG now owns 17,859 shares of the company’s stock worth $928,000 after acquiring an additional 190 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after purchasing an additional 269 shares during the last quarter. Wilmington Savings Fund Society FSB raised its holdings in Core & Main by 47.8% during the third quarter. Wilmington Savings Fund Society FSB now owns 961 shares of the company’s stock worth $52,000 after purchasing an additional 311 shares during the last quarter. CIBC Private Wealth Group LLC boosted its position in Core & Main by 35.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,298 shares of the company’s stock worth $67,000 after purchasing an additional 341 shares in the last quarter. Finally, LPL Financial LLC boosted its position in Core & Main by 2.2% during the fourth quarter. LPL Financial LLC now owns 20,476 shares of the company’s stock worth $1,064,000 after purchasing an additional 449 shares in the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CNM has been the subject of a number of recent analyst reports. Wells Fargo & Company lifted their price target on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. Robert W. Baird increased their price target on shares of Core & Main from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Royal Bank Of Canada reissued an “outperform” rating and issued a $63.00 price target on shares of Core & Main in a research report on Friday, January 9th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, Zacks Research lowered Core & Main from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and an average target price of $62.00.

About Core & Main

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.