Core & Main (NYSE:CNM) Shares Gap Down After Earnings Miss

Core & Main, Inc. (NYSE:CNMGet Free Report)’s stock price gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $56.09, but opened at $52.63. Core & Main shares last traded at $50.67, with a volume of 1,179,526 shares traded.

The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.02). Core & Main had a return on equity of 18.22% and a net margin of 5.54%. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the previous year, the business posted $0.50 earnings per share. Core & Main’s quarterly revenue was up 10.6% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Loop Capital lifted their price objective on Core & Main from $58.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Barclays boosted their price target on Core & Main from $49.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. Citigroup downgraded Core & Main from a “buy” rating to a “neutral” rating and boosted their price target for the company from $63.00 to $64.00 in a research note on Friday, April 5th. Royal Bank of Canada restated an “outperform” rating and set a $60.00 price target on shares of Core & Main in a research note on Wednesday. Finally, The Goldman Sachs Group boosted their price target on Core & Main from $42.00 to $61.00 and gave the company a “neutral” rating in a research note on Tuesday, March 26th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $51.08.

Get Our Latest Analysis on CNM

Insider Activity

In other news, General Counsel Mark G. Whittenburg sold 50,000 shares of Core & Main stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $57.91, for a total transaction of $2,895,500.00. Following the transaction, the general counsel now directly owns 12,933 shares of the company’s stock, valued at approximately $748,950.03. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, General Counsel Mark G. Whittenburg sold 50,000 shares of Core & Main stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $57.91, for a total transaction of $2,895,500.00. Following the transaction, the general counsel now directly owns 12,933 shares of the company’s stock, valued at approximately $748,950.03. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO John Weldon Stephens sold 15,000 shares of Core & Main stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $57.91, for a total value of $868,650.00. Following the transaction, the chief accounting officer now directly owns 4,281 shares in the company, valued at $247,912.71. The disclosure for this sale can be found here. Insiders have sold a total of 230,000 shares of company stock valued at $13,191,217 in the last ninety days. Corporate insiders own 3.49% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CNM. Vanguard Group Inc. lifted its holdings in Core & Main by 35.2% in the 1st quarter. Vanguard Group Inc. now owns 18,138,994 shares of the company’s stock worth $1,038,457,000 after purchasing an additional 4,721,510 shares in the last quarter. Capital International Investors lifted its holdings in Core & Main by 470.6% in the 1st quarter. Capital International Investors now owns 5,093,278 shares of the company’s stock worth $291,590,000 after purchasing an additional 4,200,591 shares in the last quarter. FMR LLC lifted its holdings in Core & Main by 51.1% in the 3rd quarter. FMR LLC now owns 7,865,719 shares of the company’s stock worth $226,926,000 after purchasing an additional 2,660,097 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Core & Main by 915.9% in the 1st quarter. Bessemer Group Inc. now owns 2,586,395 shares of the company’s stock worth $148,073,000 after purchasing an additional 2,331,802 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new position in Core & Main in the 4th quarter worth approximately $91,771,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Trading Up 3.4 %

The company has a market capitalization of $9.99 billion, a PE ratio of 23.08, a PEG ratio of 1.73 and a beta of 1.12. The stock has a fifty day moving average of $57.61 and a 200 day moving average of $48.02. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.30 and a current ratio of 2.29.

About Core & Main

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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.

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