Core & Main (CNM) Outperforms Broader Market: What You Need to Know
Prior to today's trading, shares of the distributor of water and fire protection products had gained 7.73% outpaced the Industrial Products sector's gain of 5.35% and the S&P 500's gain of 4.2%.
Market participants will be closely following the financial results of Core & Main in its upcoming release. The company's upcoming EPS is projected at $0.78, signifying a 27.87% increase compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $2.11 billion, indicating a 7.54% increase compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.46 per share and a revenue of $7.75 billion, indicating changes of +15.49% and +4.11%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for Core & Main. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Core & Main is currently a Zacks Rank #3 (Hold).
In terms of valuation, Core & Main is presently being traded at a Forward P/E ratio of 24.64. This signifies a premium in comparison to the average Forward P/E of 17.61 for its industry.
Meanwhile, CNM's PEG ratio is currently 1.79. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Manufacturing - Tools & Related Products stocks are, on average, holding a PEG ratio of 1.61 based on yesterday's closing prices.
The Manufacturing - Tools & Related Products industry is part of the Industrial Products sector. With its current Zacks Industry Rank of 64, this industry ranks in the top 26% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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This article originally published on Zacks Investment Research (zacks.com).
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