Core & Main (NYSE:CNM) Releases Earnings Results, Misses Expectations By $0.13 EPS

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

Core & Main Stock Performance

Shares of NYSE CNM opened at $38.19 on Friday. Core & Main has a 1 year low of $27.75 and a 1 year high of $62.15. The firm has a market cap of $7.69 billion, a P/E ratio of 17.75, a PEG ratio of 1.82 and a beta of 1.06. The stock has a fifty day moving average price of $49.88 and a two-hundred day moving average price of $52.64. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 2.14.

Insider Transactions at Core & Main

In related 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 transaction, the director now owns 11,769 shares of the company’s stock, valued at $614,577.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.49% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Barclays dropped their target price on Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday. Royal Bank of Canada dropped their price objective on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday. The Goldman Sachs Group reduced their target price on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday. Bank of America dropped their price target on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a research note on Thursday. Finally, Loop Capital reduced their price objective on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Core & Main has an average rating of “Moderate Buy” and an average target price of $47.82.

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.