Zacks Investment Research upgraded shares of Core-Mark Holding Company, Inc. (NASDAQ:CORE) from a strong sell rating to a hold rating in a report issued on Tuesday morning.
According to Zacks, “Core-Mark is one of the largest broad-line, full-service wholesale distributors of packaged consumer products to the convenience retail industry in North America. The Core-Mark provides distribution and logistics services as well as marketing programs to retail locations in states and five Canadian provinces through distribution centers. Core-Mark services traditional convenience retailers, grocers, mass merchandisers, drug, liquor and specialty stores, and other stores that carry consumer packaged goods. “
Other research analysts also recently issued research reports about the stock. Raymond James Financial, Inc. set a $35.00 target price on shares of Core-Mark Holding and gave the stock a buy rating in a report on Wednesday, August 9th. Loop Capital reaffirmed a buy rating and issued a $40.00 target price on shares of Core-Mark Holding in a report on Monday, July 10th. BidaskClub raised shares of Core-Mark Holding from a sell rating to a hold rating in a report on Wednesday, July 5th. Jefferies Group LLC reaffirmed a hold rating on shares of Core-Mark Holding in a report on Friday, June 23rd. Finally, ValuEngine raised shares of Core-Mark Holding from a sell rating to a hold rating in a report on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $40.00.
Core-Mark Holding (CORE) opened at 32.28 on Tuesday. The stock has a 50 day moving average price of $29.42 and a 200-day moving average price of $32.58. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 36.27 and a beta of 0.97. Core-Mark Holding has a 12-month low of $26.08 and a 12-month high of $44.12.
Core-Mark Holding (NASDAQ:CORE) last issued its quarterly earnings data on Tuesday, August 8th. The business services provider reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.11). Core-Mark Holding had a net margin of 0.27% and a return on equity of 9.70%. The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.96 billion. During the same period in the previous year, the firm earned $0.39 EPS. The company’s revenue was up 3.1% on a year-over-year basis. Equities analysts predict that Core-Mark Holding will post $1.24 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.12%. The ex-dividend date was Friday, August 25th. Core-Mark Holding’s payout ratio is currently 40.00%.
Core-Mark Holding announced that its Board of Directors has approved a stock repurchase program on Monday, August 28th that authorizes the company to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to reacquire up to 3.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
A number of hedge funds have recently made changes to their positions in the business. Piedmont Investment Advisors LLC purchased a new stake in Core-Mark Holding in the 2nd quarter worth $331,000. State Street Corp lifted its stake in Core-Mark Holding by 4.1% in the 2nd quarter. State Street Corp now owns 1,097,819 shares of the business services provider’s stock worth $36,293,000 after purchasing an additional 43,605 shares in the last quarter. Macquarie Group Ltd. lifted its stake in Core-Mark Holding by 7.7% in the 2nd quarter. Macquarie Group Ltd. now owns 970,329 shares of the business services provider’s stock worth $32,079,000 after purchasing an additional 69,048 shares in the last quarter. Flinton Capital Management LLC lifted its stake in Core-Mark Holding by 77.3% in the 2nd quarter. Flinton Capital Management LLC now owns 4,368 shares of the business services provider’s stock worth $144,000 after purchasing an additional 1,904 shares in the last quarter. Finally, Third Avenue Management LLC lifted its stake in Core-Mark Holding by 23.9% in the 2nd quarter. Third Avenue Management LLC now owns 91,661 shares of the business services provider’s stock worth $3,031,000 after purchasing an additional 17,699 shares in the last quarter. Institutional investors and hedge funds own 98.27% of the company’s stock.
About Core-Mark Holding
Core-Mark Holding Company, Inc is a wholesale distributor to the convenience retail industry in North America. The Company provides sales, marketing, distribution and logistics services. As of December 31, 2016, the Company offered services to over 43,000 customer locations across the United States and Canada through 30 distribution centers.
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