Stock Buyback Plan Declared by Core & Main (NYSE:CNM) Board

Core & Main (NYSE:CNM) announced that its board has authorized a stock repurchase program on Tuesday, December 9th, RTT News reports. The company plans to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Core & Main Stock Performance

Shares of NYSE CNM traded up $1.08 during mid-day trading on Tuesday, hitting $51.60. 5,840,547 shares of the company were exchanged, compared to its average volume of 2,666,896. The company has a quick ratio of 1.30, a current ratio of 2.25 and a debt-to-equity ratio of 1.14. Core & Main has a 1-year low of $43.17 and a 1-year high of $67.18. The firm has a market cap of $10.19 billion, a price-to-earnings ratio of 23.04, a price-to-earnings-growth ratio of 1.98 and a beta of 0.98. The stock has a 50 day simple moving average of $50.33 and a 200-day simple moving average of $56.39.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Tuesday, December 9th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.17. The business had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.06 billion. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.69 earnings per share. On average, sell-side analysts forecast that Core & Main will post 2.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CNM has been the subject of a number of recent research reports. Zacks Research raised shares of Core & Main from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. JPMorgan Chase & Co. lifted their price target on shares of Core & Main from $54.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Wells Fargo & Company lowered their price objective 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. Royal Bank Of Canada lowered their price objective on Core & Main from $67.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday, September 10th. Finally, Barclays lowered their target price on Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Monday, December 1st. 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.00.

Core & Main Company Profile

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.