Core & Main (NYSE:CNM) Posts Quarterly Earnings Results, Misses Estimates By $0.13 EPS

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

Core & Main Trading Down 3.6 %

NYSE:CNM traded down $1.41 during mid-day trading on Thursday, hitting $37.99. 8,047,595 shares of the stock traded hands, compared to its average volume of 2,545,824. 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 52 week low of $27.75 and a 52 week high of $62.15. The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of 18.28, a PEG ratio of 1.82 and a beta of 1.06. The firm's 50 day moving average is $50.10 and its two-hundred day moving average is $52.74.

Insiders Place Their Bets

In related news, Director James G. Castellano sold 12,500 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $614,577.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.49% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CNM shares. Royal Bank of Canada dropped their price objective on shares of Core & Main from $60.00 to $53.00 and set an "outperform" rating for the company in a report on Thursday. Truist Financial cut their price target on Core & Main from $50.00 to $38.00 and set a "hold" rating for the company in a report on Thursday. Robert W. Baird decreased their price objective on Core & Main from $62.00 to $53.00 and set an "outperform" rating on the stock in a report on Thursday. Bank of America cut their target price on shares of Core & Main from $38.00 to $34.00 and set an "underperform" rating for the company in a report on Thursday. Finally, Barclays decreased their price target on shares of Core & Main from $65.00 to $57.00 and set an "overweight" rating on the stock in a research note on Thursday. One investment 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's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $48.82.

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.