ST. LOUIS – Core & Main, Inc. (NYSE:CNM), a company specializing in wholesale distribution of durable goods, announced the results of its annual shareholder meeting held on Tuesday. Shareholders voted on several key proposals, including the election of directors and the approval of executive compensation.
Three Class III directors were elected to the board to serve until the 2027 annual meeting or until their successors are appointed. Robert M. Buck received 143,963,242 votes for and 43,408,634 votes withheld. James G. Castellano was elected with 181,767,501 votes for and 5,604,375 votes withheld. Kathleen M. Mazzarella received 137,192,305 votes for and 50,179,571 votes withheld. All director elections saw a significant number of broker non-votes, each totaling 2,330,416.
Additionally, the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending February 2, 2025, was ratified with a substantial majority – 189,285,717 votes for, 361,617 against, and 54,958 abstained.
Shareholders also approved, on an advisory basis, the compensation of the company's named executive officers for the fiscal year ended January 28, 2024. The proposal received 160,729,837 votes for, 19,443,717 against, and 7,198,322 abstained, along with 2,330,416 broker non-votes.
The information provided in this article is based on a press release statement from Core & Main, Inc.
In other recent news, Core & Main has announced a share repurchase program authorizing a buyback of up to $500 million of its Class A common stock.
Additionally, Core & Main reported strong first-quarter results for fiscal year 2024, with net sales rising by 11% to a record $1.74 billion. Despite increased interest expenses and a competitive market, the company raised its annual outlook for net sales and adjusted EBITDA.
In analyst news, Truist Securities revised its price target for Core & Main from $56.00 to $50.00, maintaining a Hold rating on the company's shares. On the other hand, RBC (TSX:RY) Capital Markets maintained its Outperform rating on shares of Core & Main, with a consistent price target of $60.00.
These are recent developments for Core & Main, a company navigating a competitive market while maintaining its growth trajectory.
InvestingPro Insights
As Core & Main, Inc. (NYSE:CNM) continues to navigate the market, recent data from InvestingPro offers a snapshot of the company's financial health and investor sentiment. With a market capitalization of approximately $9.86 billion USD and a P/E ratio standing at 22.8, the company exhibits a robust market presence. Notably, the firm's revenue for the last twelve months as of Q1 2025 reached $6.869 billion USD, reflecting a steady growth rate of 3.65%. Despite a challenging environment, Core & Main managed to maintain a gross profit margin of 26.89% during the same period.
Investors should consider the mixed signals highlighted by InvestingPro Tips. While management's aggressive share buybacks could signal confidence in the company's future, analysts have tempered expectations by revising earnings downwards for the upcoming period. Additionally, Core & Main is trading at a high Price / Book multiple of 6.29, which may raise questions about valuation among discerning investors. On the positive side, the company has been profitable over the last twelve months and is expected to continue this trend, with analysts predicting profitability for the year.
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