Core & Main (NYSE:CNM) Posts Earnings Results

Core & Main (NYSE:CNM) announced its quarterly earnings data on Wednesday. The company reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.13), Briefing.com reports. The company had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Core & Main had a net margin of 5.53% and a return on equity of 20.01%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 earnings per share. Core & Main updated its FY 2024 guidance to EPS.

Core & Main Stock Up 1.8 %

Shares of NYSE CNM traded up $0.69 during trading on Friday, reaching $38.69. 2,139,975 shares of the stock were exchanged, compared to its average volume of 2,543,473. The company has a market capitalization of $7.79 billion, a price-to-earnings ratio of 17.75, a price-to-earnings-growth ratio of 1.82 and a beta of 1.06. The business’s 50-day moving average price is $49.88 and its 200 day moving average price is $52.64. The company has a quick ratio of 1.23, a current ratio of 2.14 and a debt-to-equity ratio of 1.46. Core & Main has a twelve month low of $27.75 and a twelve month high of $62.15.

Analyst Ratings Changes

Several equities research analysts have commented on CNM shares. Royal Bank of Canada dropped their price target on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday. Barclays dropped 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 report on Thursday. Loop Capital reduced their price target on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday. Bank of America decreased their price objective on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research note on Thursday. Finally, JPMorgan Chase & Co. cut their target price on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Core & Main presently has an average rating of “Moderate Buy” and a consensus price target of $47.82.

Insider Activity at Core & Main

In other news, Director James G. Castellano sold 12,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $52.22, for a total transaction of $652,750.00. Following the completion of the sale, the director now directly owns 11,769 shares in the company, valued at $614,577.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.49% of the company’s stock.

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.