Core & Main (NYSE:CNM) Announces Quarterly Earnings Results

Core & Main (NYSE:CNM) issued its earnings results on Tuesday. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.65 by $0.04, Briefing.com reports. The company had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.99 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.65 EPS. Core & Main updated its FY 2024 guidance to EPS.

Core & Main Trading Up 15.5 %

CNM stock traded up $7.49 during midday trading on Tuesday, reaching $55.78. The company’s stock had a trading volume of 9,680,506 shares, compared to its average volume of 2,713,433. The business’s 50-day simple moving average is $44.80 and its 200-day simple moving average is $48.09. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. Core & Main has a 52 week low of $35.03 and a 52 week high of $62.15. The stock has a market cap of $11.22 billion, a PE ratio of 26.69, a price-to-earnings-growth ratio of 3.14 and a beta of 1.04.

Wall Street Analysts Forecast Growth

CNM has been the subject of a number of research analyst reports. Robert W. Baird lifted their target price on shares of Core & Main from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. cut their price objective on Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. Truist Financial decreased their target price on Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Bank of America cut their price target on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. Finally, The Goldman Sachs Group decreased their price objective on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Core & Main currently has an average rating of “Moderate Buy” and an average target price of $51.20.

Core & Main Company Profile

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.