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

Core & Main, Inc. (NYSE:CNM) was the target of unusually large options trading on Monday. Stock investors 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 Investors Weigh In On Core & Main

A number of institutional investors and hedge funds have recently bought and sold shares of the business. PointState Capital LP purchased a new stake in Core & Main during the 3rd quarter valued at approximately $100,013,000. FMR LLC boosted its position in shares of Core & Main by 28.0% during the third quarter. FMR LLC now owns 8,697,084 shares of the company’s stock worth $386,151,000 after acquiring an additional 1,903,280 shares during the last quarter. Impax Asset Management Group plc grew its stake in Core & Main by 373.0% during the third quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock valued at $89,416,000 after acquiring an additional 1,588,117 shares in the last quarter. Spruce House Investment Management LLC increased its holdings in Core & Main by 400.0% in the 3rd quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company’s stock valued at $66,600,000 after acquiring an additional 1,200,000 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in Core & Main by 37.1% in the 2nd quarter. Pacer Advisors Inc. now owns 4,208,698 shares of the company’s stock worth $205,974,000 after purchasing an additional 1,137,817 shares in the last quarter. 94.19% of the stock is owned by institutional investors.

Core & Main Stock Performance

Shares of NYSE:CNM traded down $0.07 during mid-day trading on Monday, reaching $48.48. 526,911 shares of the company traded hands, compared to its average volume of 2,549,468. The company’s 50 day moving average price is $44.72 and its 200-day moving average price is $48.27. The firm has a market cap of $9.75 billion, a PE ratio of 23.23, a PEG ratio of 3.16 and a beta of 1.02. Core & Main has a 52 week low of $35.03 and a 52 week high of $62.15. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34.

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Robert W. Baird increased their price objective on shares of Core & Main from $53.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company started coverage on Core & Main in a report on Monday, September 23rd. They set an “overweight” rating and a $52.00 price target on the stock. The Goldman Sachs Group cut their price objective on Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Bank of America lowered their target price on Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Thursday, September 5th. Finally, Royal Bank of Canada cut their price target on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently 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.