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. Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The business had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same period last year, the business posted $0.65 EPS. The company’s revenue was up 11.5% compared to the same quarter last year. Core & Main updated its FY 2024 guidance to EPS.

Core & Main Trading Up 15.5 %

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Barclays decreased their target price on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, September 5th. JPMorgan Chase & Co. dropped their target price on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. Royal Bank of Canada decreased their price target on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Wells Fargo & Company initiated coverage on Core & Main in a research report on Monday, September 23rd. They issued an “overweight” rating and a $52.00 price target for the company. Finally, Truist Financial decreased 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, September 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $51.20.

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.