Core & Main Target of Unusually Large Options Trading (NYSE:CNM)

Core & Main, Inc. (NYSE:CNM) was the target of some unusual options trading on Monday. Traders acquired 3,044 call options on the company. This is an increase of approximately 76% compared to the average daily volume of 1,734 call options.

Institutional Trading of Core & Main

Several hedge funds have recently added to or reduced their stakes in CNM. Rhumbline Advisers increased its holdings in shares of Core & Main by 6.2% in the second quarter. Rhumbline Advisers now owns 508,554 shares of the company’s stock worth $24,889,000 after buying an additional 29,490 shares during the period. Comerica Bank boosted its stake in shares of Core & Main by 30.9% during the first quarter. Comerica Bank now owns 67,754 shares of the company’s stock valued at $3,879,000 after purchasing an additional 16,009 shares during the period. Eagle Asset Management Inc. grew its holdings in shares of Core & Main by 2.6% in the third quarter. Eagle Asset Management Inc. now owns 1,720,496 shares of the company’s stock worth $74,979,000 after purchasing an additional 44,282 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Core & Main by 542.1% in the second quarter. SG Americas Securities LLC now owns 39,415 shares of the company’s stock worth $1,929,000 after buying an additional 33,277 shares during the period. Finally, Quest Partners LLC raised its holdings in Core & Main by 1,195,600.0% during the 3rd quarter. Quest Partners LLC now owns 11,957 shares of the company’s stock valued at $531,000 after buying an additional 11,956 shares during the last quarter. 94.19% of the stock is owned by institutional investors.

Core & Main Price Performance

Shares of Core & Main stock opened at $48.30 on Tuesday. The business’s 50-day moving average price is $44.72 and its 200-day moving average price is $48.18. The firm has a market capitalization of $9.71 billion, a PE ratio of 22.99, a price-to-earnings-growth ratio of 3.16 and a beta of 1.02. Core & Main has a 12 month low of $35.03 and a 12 month high of $62.15. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.13). Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The business had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same period last year, the business posted $0.66 earnings per share. The company’s revenue was up 5.5% compared to the same quarter last year. Sell-side analysts forecast that Core & Main will post 2.1 EPS for the current fiscal year.

Analysts Set New Price Targets

CNM has been the topic of a number of recent analyst reports. Truist Financial lowered their price target on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. JPMorgan Chase & Co. lowered their target price on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 3rd. Royal Bank of Canada decreased their price target on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Robert W. Baird increased their price objective on Core & Main from $53.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Barclays reduced their target price on Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Core & Main currently has an average rating of “Moderate Buy” and a consensus price target of $51.20.

About Core & Main

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.