Core & Main (NYSE:CNM) Announces Earnings Results

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

Core & Main Trading Up 15.5 %

NYSE CNM opened at $55.78 on Wednesday. The firm’s fifty day moving average price is $44.80 and its 200 day moving average price is $48.09. Core & Main has a 12 month low of $35.03 and a 12 month high of $62.15. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. The company has a market capitalization of $11.22 billion, a price-to-earnings ratio of 26.69, a price-to-earnings-growth ratio of 3.14 and a beta of 1.04.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CNM. Wells Fargo & Company assumed coverage on shares of Core & Main in a report on Monday, September 23rd. They set an “overweight” rating and a $52.00 target price on the stock. Robert W. Baird increased their price objective on Core & Main from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Royal Bank of Canada lowered their target price on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research note 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 on the stock in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. decreased their price objective on Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.