Core & Main (NYSE:CNM) Shares Gap Up Following Earnings Beat

Core & Main, Inc. (NYSE:CNM)’s stock price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $48.29, but opened at $53.99. Core & Main shares last traded at $54.01, with a volume of 1,566,802 shares.

The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04. The firm had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $1.99 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.65 EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CNM shares. Royal Bank of Canada reissued an “outperform” rating and set a $62.00 price objective (up previously from $53.00) on shares of Core & Main in a research report on Wednesday. Barclays upped their price target on Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday. JPMorgan Chase & Co. lowered their price objective on Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 3rd. Bank of America reduced their target price on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. Finally, Wells Fargo & Company assumed coverage on shares of Core & Main in a report on Monday, September 23rd. They set an “overweight” rating and a $52.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $55.30.

Institutional Investors Weigh In On Core & Main

Institutional investors have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB bought a new position in shares of Core & Main during the 3rd quarter valued at about $49,000. Geode Capital Management LLC lifted its position in shares of Core & Main by 14.5% in the third quarter. Geode Capital Management LLC now owns 3,261,964 shares of the company’s stock worth $144,869,000 after buying an additional 412,520 shares in the last quarter. Vestcor Inc boosted its stake in Core & Main by 233.9% during the third quarter. Vestcor Inc now owns 16,026 shares of the company’s stock valued at $712,000 after buying an additional 11,227 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in Core & Main by 10.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 125,473 shares of the company’s stock valued at $5,571,000 after buying an additional 11,427 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in Core & Main in the 3rd quarter worth approximately $1,391,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Stock Down 0.9 %

The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.34 and a current ratio of 2.29. The firm has a market capitalization of $11.11 billion, a PE ratio of 26.44, a PEG ratio of 3.14 and a beta of 1.04. The company has a fifty day moving average price of $45.03 and a 200-day moving average price of $48.06.

Core & Main Company Profile

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.