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

Core & Main, Inc. (NYSE:CNM) was the target of unusually large options trading on Monday. Stock traders bought 4,374 call options on the stock. This represents an increase of 793% compared to the average daily volume of 490 call options.

Core & Main Stock Down 2.1%

CNM opened at $58.10 on Wednesday. The business has a 50 day moving average price of $52.26 and a two-hundred day moving average price of $51.84. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The company has a market cap of $11.50 billion, a PE ratio of 27.27, a P/E/G ratio of 2.61 and a beta of 1.02. Core & Main has a 52 week low of $37.22 and a 52 week high of $60.38.

Core & Main (NYSE:CNM) last released its earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.52. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same quarter in the previous year, the firm posted $0.49 EPS. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, research analysts anticipate that Core & Main will post 2.16 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft started coverage on Core & Main in a report on Tuesday, April 1st. They issued a “buy” rating and a $60.00 target price for the company. Robert W. Baird decreased their price target on Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. JPMorgan Chase & Co. lifted their price target on Core & Main from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Tuesday, May 27th. Royal Bank of Canada reaffirmed an “outperform” rating on shares of Core & Main in a report on Tuesday. Finally, Citigroup reaffirmed a “neutral” rating on shares of Core & Main in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and an average price target of $57.91.

Insider Transactions at Core & Main

In related news, CAO John Weldon Stephens sold 41,963 shares of Core & Main stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total value of $2,118,292.24. Following the completion of the transaction, the chief accounting officer now directly owns 4,120 shares in the company, valued at approximately $207,977.60. This trade represents a 91.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Mark G. Whittenburg sold 49,100 shares of Core & Main stock in a transaction on Monday, June 9th. The shares were sold at an average price of $60.03, for a total value of $2,947,473.00. Following the completion of the transaction, the general counsel now owns 9,691 shares of the company’s stock, valued at approximately $581,750.73. This trade represents a 83.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 157,666 shares of company stock worth $8,770,352 over the last ninety days. Company insiders own 3.53% of the company’s stock.

Institutional Investors Weigh In On Core & Main

Institutional investors and hedge funds have recently modified their holdings of the company. Enhancing Capital LLC grew its holdings in Core & Main by 0.6% during the 1st quarter. Enhancing Capital LLC now owns 31,846 shares of the company’s stock valued at $1,538,000 after buying an additional 196 shares during the last quarter. US Bancorp DE raised its position in Core & Main by 12.3% in the fourth quarter. US Bancorp DE now owns 1,795 shares of the company’s stock valued at $91,000 after purchasing an additional 197 shares during the period. CWM LLC raised its position in Core & Main by 34.0% in the first quarter. CWM LLC now owns 839 shares of the company’s stock valued at $41,000 after purchasing an additional 213 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in Core & Main by 3.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company’s stock valued at $343,000 after purchasing an additional 229 shares during the period. Finally, Crossmark Global Holdings Inc. raised its position in Core & Main by 2.6% in the first quarter. Crossmark Global Holdings Inc. now owns 10,902 shares of the company’s stock valued at $527,000 after purchasing an additional 272 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

About Core & Main

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.