Core-Mark Holding Company, Inc. (CORE) Upgraded to Hold by Zacks Investment Research
Core-Mark Holding Company, Inc. (NASDAQ:CORE) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
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. “
A number of other research analysts have also recently commented on CORE. BidaskClub cut Core-Mark Holding from a “hold” rating to a “sell” rating in a research note on Thursday, June 22nd. Jefferies Group LLC reaffirmed a “hold” rating on shares of Core-Mark Holding in a research note on Friday, June 23rd. Loop Capital reaffirmed a “buy” rating and set a $40.00 target price on shares of Core-Mark Holding in a research note on Monday, July 10th. ValuEngine cut Core-Mark Holding from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Finally, Raymond James Financial, Inc. set a $35.00 target price on Core-Mark Holding and gave the company a “buy” rating in a research note on Wednesday, August 9th. One investment 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 company currently has an average rating of “Hold” and a consensus target price of $40.00.
Core-Mark Holding (NASDAQ CORE) traded up 2.12% on Tuesday, reaching $32.28. The company’s stock had a trading volume of 161,906 shares. The company has a market capitalization of $1.50 billion, a PE ratio of 36.27 and a beta of 0.96. Core-Mark Holding has a one year low of $26.08 and a one year high of $44.12. The firm has a 50-day moving average of $29.42 and a 200-day moving average of $32.58.
Core-Mark Holding (NASDAQ:CORE) last released its earnings results on Tuesday, August 8th. The business services provider reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.11). The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.96 billion. Core-Mark Holding had a net margin of 0.27% and a return on equity of 9.70%. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. Analysts predict that Core-Mark Holding will post $1.24 EPS for the current year.
Core-Mark Holding declared that its Board of Directors has initiated a stock repurchase program on Monday, August 28th that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the business services provider to buy up to 3.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.
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Large investors have recently made changes to their positions in the stock. UBS Group AG grew 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 worth $107,000 after purchasing an additional 802 shares in the last quarter. Victory Capital Management Inc. grew 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 worth $119,000 after purchasing an additional 1,503 shares in the last quarter. Quantbot Technologies LP grew 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 worth $119,000 after purchasing an additional 3,234 shares in the last quarter. Ameritas Investment Partners Inc. bought a new position in Core-Mark Holding in the first quarter worth approximately $123,000. Finally, Riverhead Capital Management LLC grew its stake in Core-Mark Holding by 81.7% in the second quarter. Riverhead Capital Management LLC now owns 3,997 shares of the business services provider’s stock worth $132,000 after purchasing an additional 1,797 shares in the last quarter. 98.27% of the stock is currently owned by institutional investors.
Core-Mark Holding Company Profile
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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