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

Core & Main, Inc. (NYSE:CNM) shares gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $46.80, but opened at $40.97. Core & Main shares last traded at $40.02, with a volume of 2,847,935 shares.

The company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.13). Core & Main had a net margin of 5.53% and a return on equity of 20.01%. The company had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same period in the prior year, the company earned $0.66 earnings per share. The firm’s revenue was up 5.5% on a year-over-year basis.

Analyst Upgrades and Downgrades

CNM has been the topic of several recent analyst reports. Bank of America dropped their target price on Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Thursday. Loop Capital dropped their target price on Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday. Robert W. Baird dropped their target price on Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday. Royal Bank of Canada dropped their target price on Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Truist Financial lowered their price target on Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and an average target price of $48.82.

Insider Buying and Selling at Core & Main

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $52.22, for a total transaction of $652,750.00. Following the sale, the director now owns 11,769 shares in the company, valued at approximately $614,577.18. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.49% of the stock is owned by insiders.

Institutional Investors Weigh In On Core & Main

A number of large investors have recently bought and sold shares of CNM. Truist Financial Corp grew its holdings in Core & Main by 137.0% during the 4th quarter. Truist Financial Corp now owns 31,347 shares of the company’s stock valued at $1,267,000 after buying an additional 18,120 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Core & Main by 300.1% during the 4th quarter. Russell Investments Group Ltd. now owns 94,155 shares of the company’s stock worth $3,813,000 after purchasing an additional 70,621 shares during the period. Swiss National Bank lifted its stake in shares of Core & Main by 5.8% during the 4th quarter. Swiss National Bank now owns 261,500 shares of the company’s stock worth $10,567,000 after purchasing an additional 14,400 shares during the period. Amalgamated Bank lifted its stake in shares of Core & Main by 427.2% during the 4th quarter. Amalgamated Bank now owns 103,003 shares of the company’s stock worth $4,162,000 after purchasing an additional 83,465 shares during the period. Finally, National Bank of Canada FI lifted its stake in shares of Core & Main by 8.3% during the 4th quarter. National Bank of Canada FI now owns 13,000 shares of the company’s stock worth $515,000 after purchasing an additional 999 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Trading Down 3.6 %

The company has a market cap of $7.65 billion, a PE ratio of 17.75, a price-to-earnings-growth ratio of 1.82 and a beta of 1.06. The business has a 50 day simple moving average of $49.88 and a two-hundred day simple moving average of $52.64. The company has a current ratio of 2.14, a quick ratio of 1.23 and a debt-to-equity ratio of 1.46.

About Core & Main

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.