Core-Mark Holding Company, Inc. (CORE) Announces Quarterly Earnings Results, Misses Expectations By $0.11 EPS
Core-Mark Holding Company, Inc. (NASDAQ:CORE) released its quarterly earnings data on Tuesday. The business services provider reported $0.21 EPS for the quarter, missing the consensus estimate of $0.32 by $0.11, Bloomberg Earnings reports. Core-Mark Holding had a return on equity of 11.42% and a net margin of 0.34%. The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the previous year, the business posted $0.39 earnings per share. Core-Mark Holding’s quarterly revenue was up 3.1% compared to the same quarter last year. Core-Mark Holding updated its FY17 guidance to $1.20-1.27 EPS.
Core-Mark Holding (NASDAQ CORE) opened at 29.96 on Wednesday. Core-Mark Holding has a 12 month low of $29.63 and a 12 month high of $48.27. The firm has a 50-day moving average price of $34.92 and a 200 day moving average price of $34.16. The stock has a market capitalization of $1.39 billion, a PE ratio of 27.41 and a beta of 0.87.
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In other news, insider Thomas B. Perkins sold 12,000 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $34.20, for a total value of $410,400.00. Following the transaction, the insider now directly owns 190,666 shares of the company’s stock, valued at $6,520,777.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Rolheiser sold 11,470 shares of the stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $35.10, for a total value of $402,597.00. Following the completion of the transaction, the insider now directly owns 5,016 shares in the company, valued at $176,061.60. The disclosure for this sale can be found here. Insiders sold 40,970 shares of company stock worth $1,435,622 over the last three months. Corporate insiders own 2.50% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. UBS Group AG raised its stake in Core-Mark Holding by 30.6% in the first quarter. UBS Group AG now owns 3,423 shares of the business services provider’s stock valued at $107,000 after buying an additional 802 shares during the period. Quantbot Technologies LP raised its stake in Core-Mark Holding by 550.9% in the first quarter. Quantbot Technologies LP now owns 3,821 shares of the business services provider’s stock valued at $119,000 after buying an additional 3,234 shares during the period. Victory Capital Management Inc. raised its stake in Core-Mark Holding by 65.1% in the first quarter. Victory Capital Management Inc. now owns 3,811 shares of the business services provider’s stock valued at $119,000 after buying an additional 1,503 shares during the period. Ameritas Investment Partners Inc. bought a new stake in Core-Mark Holding during the first quarter valued at approximately $123,000. Finally, State of Alaska Department of Revenue raised its stake in Core-Mark Holding by 2.0% in the first quarter. State of Alaska Department of Revenue now owns 5,110 shares of the business services provider’s stock valued at $159,000 after buying an additional 100 shares during the period. 98.27% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts recently commented on CORE shares. Raymond James Financial, Inc. upgraded Core-Mark Holding from an “outperform” rating to a “strong-buy” rating and set a $39.00 price objective for the company in a report on Tuesday, April 18th. Loop Capital started coverage on Core-Mark Holding in a report on Monday, May 15th. They issued a “buy” rating and a $40.00 price objective for the company. Zacks Investment Research upgraded Core-Mark Holding from a “sell” rating to a “hold” rating in a report on Tuesday, May 2nd. BidaskClub downgraded Core-Mark Holding from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. Finally, Jefferies Group LLC set a $35.00 price objective on Core-Mark Holding and gave the stock a “hold” rating in a report on Monday, May 8th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $41.00.
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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