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

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

Analyst Ratings Changes

Several brokerages recently issued reports on CNM. William Blair initiated coverage on Core & Main in a research note on Thursday. They issued a “market perform” rating for the company. Citigroup lowered their target price on Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a research note on Thursday, June 11th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $24.00 target price on shares of Core & Main in a report on Thursday, June 11th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.73.

Insider Activity at Core & Main

In other Core & Main news, Director James D. Hope bought 2,067 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was acquired at an average price of $46.01 per share, with a total value of $95,102.67. Following the completion of the transaction, the director directly owned 11,805 shares in the company, valued at approximately $543,148.05. This represents a 21.23% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.51% of the stock is currently owned by company insiders.

Institutional Trading of Core & Main

Institutional investors have recently bought and sold shares of the company. Morgan Stanley increased its position in Core & Main by 8.3% in the 4th quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock worth $758,079,000 after purchasing an additional 1,118,145 shares during the last quarter. Capital World Investors lifted its holdings in shares of Core & Main by 5.8% during the 4th quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock valued at $327,034,000 after buying an additional 344,606 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Core & Main by 15.3% during the 1st quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock valued at $302,863,000 after buying an additional 812,770 shares during the last quarter. State Street Corp grew its stake in shares of Core & Main by 1.0% in the 4th quarter. State Street Corp now owns 5,733,516 shares of the company’s stock valued at $297,971,000 after buying an additional 54,562 shares in the last quarter. Finally, Royal London Asset Management Ltd. grew its stake in shares of Core & Main by 12.5% in the 4th quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company’s stock valued at $295,636,000 after buying an additional 632,077 shares in the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Trading Down 1.5%

Shares of NYSE:CNM opened at $43.10 on Friday. The firm has a fifty day moving average of $47.38 and a two-hundred day moving average of $50.88. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00. Core & Main has a 12-month low of $42.50 and a 12-month high of $67.18. The firm has a market capitalization of $8.34 billion, a P/E ratio of 18.26, a price-to-earnings-growth ratio of 1.52 and a beta of 0.91.

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.