|Over a week ago|
Core & Main price target lowered to $40 from $41 at Deutsche Bank » 16:3601/1001/10/23
Deutsche Bank analyst Joe…
Deutsche Bank analyst Joe Ahlersmeyer lowered the firm's price target on Core & Main to $40 from $41 and keeps a Buy rating on the shares. The analyst now has increased conviction in his view that residential new construction can "remain surprisingly resilient" in 2023. He urges investors to "drop past rules of thumb" around starts, and derive forecasts for building product volumes from completions instead. With interest rate risk "now seeming to drift favorably," Ahlersmeyer is "far more constructive" on stocks with new construction exposure.
|Over a month ago|
Core & Main price target lowered to $22 from $26 at Citi » 06:2612/1612/16/22
Citi analyst Anthony…
Citi analyst Anthony Pettinari lowered the firm's price target on Core & Main to $22 from $26 and keeps a Neutral rating on the shares. The analyst believes the company's margin benefits look set to reverse into 2023. He sees a balanced risk/reward at current share levels.
Core & Main sees FY22 adjusted EBITDA $910M-$930M » 07:4012/1312/13/22
"We expect to…
"We expect to deliver strong performance in the fourth quarter despite the 50% net sales growth we achieved in the same period last year," LeClair continued. "We expect demand to remain resilient, supported by our balanced business mix and the execution of our growth initiatives. We remain confident in the long-term stability of our business and end-markets, as roughly half of our net sales are driven by non-discretionary repair and replacement activity. Taken altogether, we are raising our expectation for fiscal 2022 Adjusted EBITDA to be in the range of $910 to $930 million, representing year-over-year growth of 51% to 54%."
Core & Main reports Q3 EPS 65c, consensus 57c » 07:3812/1312/13/22
Reports Q3 revenue…
Reports Q3 revenue $1.82B, consensus $1.71B. "We delivered our eighth consecutive quarter of double-digit year-over-year net sales growth, with third quarter net sales exceeding our expectations due to healthy end-market demand, robust performance across our growth initiatives and continued price realization. This is an impressive accomplishment considering the 39% net sales growth we achieved in the same period last year. Municipal repair and replacement activity remains strong, and we continue to see an acceleration of non-residential construction activity."
|Over a quarter ago|
Core & Main to acquire Lanier Municipal Supply Co » 16:4211/0711/07/22
Core & Main has…
Core & Main has entered into a definitive agreement to acquire substantially all of the assets of Lanier Municipal Supply Co. Inc., a full-service distributor of water, wastewater, storm drainage, agricultural and irrigation products, headquartered in Lakeland, Georgia.
Core & Main price target lowered to $37 from $40 at Deutsche Bank » 05:3610/2010/20/22
Deutsche Bank analyst Joe…
Deutsche Bank analyst Joe Ahlersmeyer lowered the firm's price target on Core & Main to $37 from $40 and keeps a Buy rating on the shares. The analyst thinks the Q3 earnings season for building products will be characterized by continued solid earnings results and mostly reaffirmed near-term guidance, but he wouldn't be surprised by "yet another move lower" in estimates for next year. He does not expect this earnings season to "catalyze the sort of deep cuts that would substantiate current prices and depressed multiples." To that end, if earnings season changes little, the stocks are likely to continue to trade cheaply until the most bearish of negative revision scenarios can be taken off the table, which is unlikely to happen until next year, contends Ahlersmeyer.
Core & Main to acquire Distributors, terms not disclosed » 16:2209/2009/20/22
Core & Main has…
Core & Main has entered into a definitive agreement to acquire substantially all of the assets of Distributors, Inc., a full-service distributor of fire protection products, based in Hawaii. "By consistently meeting and exceeding customer expectations, Distributors, Inc. has established itself as a leader in fire protection services in Hawaii. The extensive knowledge and experience of our combined resources strengthen this position, and this strategic acquisition enables us to continue adding value to their customers," said Steve LeClair, chief executive officer of Core & Main. "Distributors, Inc. is a trusted player in fire protection with a stellar reputation," said Brad Cowles, president of Core & Main. "Their partnership approach to working with customers makes them a good fit for us. I look forward to working with them and continuing our growth together."
Core & Main 11M share Spot Secondary priced at $23.75 » 08:2109/1609/16/22
The deal size was…
The deal size was increased to 11M shares from 10M shares and priced at the low-end of the $23.75-$24.25 range. Goldman Sachs acted as sole book running manager for the offering.
Fly Intel: After-Hours Movers » 18:4409/1509/15/22
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Check out this evening's…
Core & Main files to sell 10M shares of Class A common stock for holders » 16:2709/1509/15/22
Core & Main announced…
Core & Main announced the launch of an underwritten secondary public offering of 10M shares of its Class A common stock by certain selling stockholders. Goldman Sachs & Co. is acting as the sole underwriter for the offering.