Core & Main (NYSE:CNM) Releases Earnings Results, Beats Expectations By $0.04 EPS

Core & Main (NYSE:CNM) issued its quarterly earnings results on Tuesday. The company reported $0.69 earnings per share for the quarter, topping 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%. Core & Main’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 EPS. Core & Main updated its FY 2024 guidance to EPS.

Core & Main Trading Up 15.5 %

CNM traded up $7.49 on Tuesday, hitting $55.78. The company had a trading volume of 9,680,506 shares, compared to its average volume of 2,713,433. The company’s fifty day moving average price is $44.80 and its 200 day moving average price is $48.09. Core & Main has a 1 year low of $35.03 and a 1 year 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. The firm has a market cap of $11.22 billion, a P/E ratio of 26.69, a PEG ratio of 3.14 and a beta of 1.04.

Analyst Upgrades and Downgrades

CNM has been the topic of several recent research reports. Barclays lowered their price objective on Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, September 5th. JPMorgan Chase & Co. dropped their price target on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 3rd. Wells Fargo & Company assumed coverage on shares of Core & Main in a research report on Monday, September 23rd. They issued an “overweight” rating and a $52.00 price objective for the company. 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 research note on Thursday, September 5th. Finally, Loop Capital decreased their price objective on shares of Core & Main from $64.00 to $52.00 and set a “buy” 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 assigned a buy rating to the company. According to data from MarketBeat.com, Core & Main 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.