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

Core & Main, Inc. (NYSE:CNM) was the recipient of some unusual options trading activity on Wednesday. Stock traders bought 3,002 call options on the company. This represents an increase of 601% compared to the average volume of 428 call options.

Insider Buying and Selling at Core & Main

In other news, Director James D. Hope acquired 2,067 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were purchased at an average cost of $46.01 per share, for a total transaction of $95,102.67. Following the transaction, the director owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. This represents a 21.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.51% of the company’s stock.

Institutional Investors Weigh In On Core & Main

Several large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Core & Main by 145.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after acquiring an additional 269 shares during the last quarter. TD Waterhouse Canada Inc. acquired a new stake in Core & Main in the fourth quarter worth about $26,000. Whittier Trust Co. acquired a new stake in Core & Main during the 4th quarter worth about $28,000. Cubist Systematic Strategies LLC boosted its holdings in shares of Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after acquiring an additional 524 shares during the last quarter. Finally, Quarry LP purchased a new position in Core & Main during the fourth quarter valued at approximately $38,000. 94.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Core & Main Trading Up 1.8%

Shares of NYSE:CNM traded up $0.78 on Wednesday, hitting $44.15. The company had a trading volume of 90,187 shares, compared to its average volume of 2,429,735. The firm’s 50-day simple moving average is $47.55 and its two-hundred day simple moving average is $51.01. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $8.54 billion, a price-to-earnings ratio of 18.73, a P/E/G ratio of 1.52 and a beta of 0.91. Core & Main has a 1 year low of $42.50 and a 1 year high of $67.18.

Core & Main Company Profile

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.