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

Core & Main, Inc. (NYSE:CNM) was the target of unusually large options trading activity on Wednesday. Investors acquired 3,002 call options on the stock. This represents an increase of approximately 601% compared to the typical volume of 428 call options.

Core & Main Price Performance

Shares of NYSE:CNM opened at $43.75 on Thursday. Core & Main has a 52 week low of $42.50 and a 52 week high of $67.18. The company has a 50-day moving average price of $47.48 and a 200 day moving average price of $50.95. The company has a market cap of $8.47 billion, a P/E ratio of 18.54, a PEG ratio of 1.50 and a beta of 0.91. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00.

Insider Buying and Selling at Core & Main

In related news, Director James D. Hope purchased 2,067 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were purchased at an average price of $46.01 per share, with a total value of $95,102.67. Following the completion of the acquisition, the director directly owned 11,805 shares in the company, valued at $543,148.05. This represents a 21.23% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.51% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Wedge Capital Management L L P NC raised its position in Core & Main by 25.2% in the second quarter. Wedge Capital Management L L P NC now owns 268,079 shares of the company’s stock worth $12,935,000 after acquiring an additional 53,922 shares in the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of Core & Main during the 2nd quarter worth $335,000. GAMMA Investing LLC boosted its position in shares of Core & Main by 14.1% during the 2nd quarter. GAMMA Investing LLC now owns 5,471 shares of the company’s stock worth $264,000 after purchasing an additional 677 shares in the last quarter. Edgestream Partners L.P. grew its stake in shares of Core & Main by 818.0% during the 1st quarter. Edgestream Partners L.P. now owns 201,577 shares of the company’s stock worth $9,958,000 after purchasing an additional 179,618 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Core & Main by 42.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,389 shares of the company’s stock worth $118,000 after purchasing an additional 710 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CNM. Citigroup decreased their price objective on Core & Main from $54.00 to $53.00 and set a “neutral” rating for the company in a research report on Thursday, June 11th. The Goldman Sachs Group restated a “neutral” rating and set a $24.00 price target on shares of Core & Main in a research note on Thursday, June 11th. Barclays decreased their price target on Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Wednesday, March 25th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Wednesday, March 25th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $57.73.

About Core & Main

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.