Royce & Associates LP increased its position in Core-Mark Holding Company, Inc. (NASDAQ:CORE) by 18.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 804,522 shares of the business services provider’s stock after purchasing an additional 125,000 shares during the quarter. Royce & Associates LP owned approximately 1.74% of Core-Mark worth $25,857,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. Pinebridge Investments L.P. lifted its position in Core-Mark by 4.1% in the third quarter. Pinebridge Investments L.P. now owns 55,643 shares of the business services provider’s stock worth $1,789,000 after purchasing an additional 2,167 shares during the period. Brown Advisory Inc. lifted its position in Core-Mark by 1.4% in the third quarter. Brown Advisory Inc. now owns 2,311,394 shares of the business services provider’s stock worth $74,288,000 after purchasing an additional 31,689 shares during the period. Schwab Charles Investment Management Inc. lifted its position in Core-Mark by 11.0% in the third quarter. Schwab Charles Investment Management Inc. now owns 305,613 shares of the business services provider’s stock worth $9,823,000 after purchasing an additional 30,282 shares during the period. Wells Fargo & Company MN lifted its position in Core-Mark by 54.1% in the third quarter. Wells Fargo & Company MN now owns 69,608 shares of the business services provider’s stock worth $2,237,000 after purchasing an additional 24,435 shares during the period. Finally, Legal & General Group Plc lifted its position in Core-Mark by 6.1% in the third quarter. Legal & General Group Plc now owns 137,785 shares of the business services provider’s stock worth $4,429,000 after purchasing an additional 7,898 shares during the period. 98.27% of the stock is owned by hedge funds and other institutional investors.
Several research firms have issued reports on CORE. Zacks Investment Research upgraded Core-Mark from a “hold” rating to a “buy” rating and set a $38.00 price objective for the company in a research note on Monday, October 30th. Jefferies Group reiterated a “hold” rating and set a $32.00 price objective on shares of Core-Mark in a research note on Friday, November 10th. Finally, BidaskClub lowered Core-Mark from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $38.80.
Core-Mark (NASDAQ:CORE) last released its quarterly earnings data on Tuesday, November 7th. The business services provider reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.04). Core-Mark had a return on equity of 9.90% and a net margin of 0.27%. The company had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.29 billion. equities analysts anticipate that Core-Mark Holding Company, Inc. will post 1.19 EPS for the current fiscal year.
Core-Mark announced that its Board of Directors has authorized a share buyback plan on Monday, August 28th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the business services provider to purchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 22nd. Stockholders of record on Tuesday, November 28th will be paid a $0.10 dividend. The ex-dividend date is Monday, November 27th. This is a positive change from Core-Mark’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.25%. Core-Mark’s dividend payout ratio (DPR) is 44.94%.
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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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