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

Core & Main, Inc. (NYSE:CNM) was the recipient of unusually large options trading activity on Monday. Stock investors purchased 4,374 call options on the stock. This represents an increase of approximately 793% compared to the typical daily volume of 490 call options.

Insider Transactions at Core & Main

In related news, EVP John R. Schaller sold 9,794 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $55.00, for a total transaction of $538,670.00. Following the transaction, the executive vice president now owns 19,689 shares in the company, valued at $1,082,895. This represents a 33.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO John Weldon Stephens sold 41,963 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $50.48, for a total transaction of $2,118,292.24. Following the transaction, the chief accounting officer now owns 4,120 shares in the company, valued at approximately $207,977.60. This trade represents a 91.06% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 157,666 shares of company stock worth $8,770,352. Corporate insiders own 3.53% of the company’s stock.

Institutional Investors Weigh In On Core & Main

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Core & Main by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock worth $927,580,000 after acquiring an additional 221,970 shares during the period. FMR LLC raised its holdings in shares of Core & Main by 4.1% during the fourth quarter. FMR LLC now owns 9,055,993 shares of the company’s stock valued at $461,041,000 after acquiring an additional 358,909 shares during the last quarter. Invesco Ltd. boosted its position in Core & Main by 0.8% during the fourth quarter. Invesco Ltd. now owns 5,926,569 shares of the company’s stock worth $301,722,000 after acquiring an additional 44,513 shares during the last quarter. Bessemer Group Inc. boosted its position in Core & Main by 0.5% during the fourth quarter. Bessemer Group Inc. now owns 3,835,182 shares of the company’s stock worth $195,250,000 after acquiring an additional 20,756 shares during the last quarter. Finally, Royal London Asset Management Ltd. boosted its position in Core & Main by 1.3% during the fourth quarter. Royal London Asset Management Ltd. now owns 3,810,739 shares of the company’s stock worth $194,005,000 after acquiring an additional 48,833 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CNM. Deutsche Bank Aktiengesellschaft began coverage on shares of Core & Main in a research report on Tuesday, April 1st. They issued a “buy” rating and a $60.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on shares of Core & Main from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 27th. Citigroup reiterated a “neutral” rating on shares of Core & Main in a research report on Tuesday. Royal Bank of Canada reiterated an “outperform” rating on shares of Core & Main in a research report on Tuesday. Finally, Wells Fargo & Company reiterated an “overweight” rating on shares of Core & Main in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $57.91.

Core & Main Price Performance

CNM stock opened at $58.10 on Wednesday. Core & Main has a 12 month low of $37.22 and a 12 month high of $60.38. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. The company has a 50-day moving average price of $52.26 and a 200 day moving average price of $51.84. The stock 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 (NYSE:CNM) last issued its earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.52. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same period in the previous year, the company posted $0.49 EPS. Core & Main’s revenue was up 9.8% on a year-over-year basis. Equities research analysts anticipate that Core & Main will post 2.16 earnings per share for the current year.

Core & Main Company Profile

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.