Investors Purchase High Volume of Core & Main Call Options (NYSE:CNM)

Core & Main, Inc. (NYSE:CNM) saw unusually large options trading activity on Monday. Investors purchased 4,374 call options on the stock. This represents an increase of 793% compared to the average daily volume of 490 call options.

Analysts Set New Price Targets

CNM has been the topic of a number of research reports. Royal Bank of Canada reduced their price target on shares of Core & Main from $62.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Core & Main in a research report on Tuesday, April 1st. They issued a “buy” rating and a $60.00 price objective for the company. JPMorgan Chase & Co. boosted their price target on shares of Core & Main from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Tuesday, May 27th. Finally, Robert W. Baird cut their price target on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.91.

Insider Buying and Selling

In other Core & Main news, CAO John Weldon Stephens sold 41,963 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $50.48, for a total transaction of $2,118,292.24. Following the completion of the transaction, the chief accounting officer now owns 4,120 shares of the company’s stock, valued at approximately $207,977.60. This trade represents a 91.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John R. Schaller sold 9,794 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $55.00, for a total transaction of $538,670.00. Following the sale, the executive vice president now owns 19,689 shares in the company, valued at approximately $1,082,895. The trade was a 33.22% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 107,666 shares of company stock worth $5,768,852. Corporate insiders own 3.53% of the company’s stock.

Institutional Investors Weigh In On Core & Main

Several hedge funds and other institutional investors have recently bought and sold shares of CNM. Parallel Advisors LLC increased its position in shares of Core & Main by 447.1% during the first quarter. Parallel Advisors LLC now owns 651 shares of the company’s stock valued at $31,000 after acquiring an additional 532 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after buying an additional 524 shares during the last quarter. Rossby Financial LCC purchased a new stake in shares of Core & Main during the 1st quarter worth approximately $37,000. CWM LLC lifted its position in shares of Core & Main by 34.0% during the 1st quarter. CWM LLC now owns 839 shares of the company’s stock worth $41,000 after buying an additional 213 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in Core & Main by 1,491.8% in the 1st quarter. Versant Capital Management Inc now owns 1,162 shares of the company’s stock valued at $56,000 after purchasing an additional 1,089 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Stock Performance

Shares of NYSE CNM opened at $59.26 on Tuesday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. The company has a market capitalization of $11.73 billion, a PE ratio of 27.82, a price-to-earnings-growth ratio of 2.61 and a beta of 1.02. Core & Main has a 1 year low of $37.22 and a 1 year high of $60.38. The company’s fifty day moving average price is $52.04 and its 200 day moving average price is $51.80.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.03). The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The business’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.34 earnings per share. On average, research analysts predict that Core & Main will post 2.16 earnings per share for the current year.

Core & Main Company Profile

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.