Investors Buy Large Volume of Core & Main Call Options (NYSE:CNM)

Core & Main, Inc. (NYSE:CNM) saw unusually large options trading activity on Wednesday. Traders purchased 3,002 call options on the company. This is an increase of 601% compared to the average daily volume of 428 call options.

Core & Main Stock Performance

NYSE:CNM traded up $0.78 during mid-day trading on Wednesday, reaching $44.15. 90,187 shares of the stock were exchanged, compared to its average volume of 2,429,735. 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 1 year low of $42.50 and a 1 year high of $67.18. The company has a 50 day simple moving average of $47.55 and a 200-day simple moving average of $51.01. The stock has a market capitalization of $8.54 billion, a P/E ratio of 18.73, a P/E/G ratio of 1.52 and a beta of 0.91.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CNM. The Goldman Sachs Group reiterated a “neutral” rating and set a $24.00 price objective on shares of Core & Main in a research note on Thursday, June 11th. Citigroup cut their price target on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a report on Thursday, June 11th. Barclays dropped their price objective on Core & Main from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 25th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.73.

Insider Activity at Core & Main

In other news, Director James D. Hope purchased 2,067 shares of the company’s stock in a transaction on 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 transaction, the director directly owned 11,805 shares of the company’s stock, valued at approximately $543,148.05. This represents a 21.23% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.51% of the company’s stock.

Hedge Funds Weigh In On Core & Main

Hedge funds and other institutional investors have recently modified their holdings of the company. Morgan Stanley lifted its stake in Core & Main by 8.3% during the fourth 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 raised its position in Core & Main by 5.8% during the fourth 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 period. First Trust Advisors LP increased its stake in shares of Core & Main by 15.3% in the first quarter. First Trust Advisors LP now owns 6,130,840 shares of the company’s stock worth $302,863,000 after acquiring an additional 812,770 shares during the last quarter. State Street Corp lifted its stake in Core & Main by 1.0% in the fourth quarter. State Street Corp now owns 5,733,516 shares of the company’s stock valued at $297,971,000 after acquiring an additional 54,562 shares during the last quarter. Finally, Royal London Asset Management Ltd. raised 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 acquiring an additional 632,077 shares in the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

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.