Nationwide Fund Advisors boosted its stake in Core-Mark Holding Company, Inc. (NASDAQ:CORE) by 2.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,776 shares of the business services provider’s stock after acquiring an additional 1,549 shares during the period. Nationwide Fund Advisors owned 0.13% of Core-Mark worth $1,889,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Core-Mark by 1.8% in the second quarter. Vanguard Group Inc. now owns 4,075,508 shares of the business services provider’s stock valued at $134,736,000 after acquiring an additional 71,715 shares in the last quarter. Aberdeen Asset Management PLC UK increased its stake in Core-Mark by 7.5% during the second quarter. Aberdeen Asset Management PLC UK now owns 1,714,517 shares of the business services provider’s stock valued at $56,682,000 after purchasing an additional 119,697 shares during the last quarter. State Street Corp increased its stake in Core-Mark by 4.1% during the second quarter. State Street Corp now owns 1,097,819 shares of the business services provider’s stock valued at $36,293,000 after purchasing an additional 43,605 shares during the last quarter. Oak Ridge Investments LLC increased its stake in Core-Mark by 2.0% during the second quarter. Oak Ridge Investments LLC now owns 996,341 shares of the business services provider’s stock valued at $32,939,000 after purchasing an additional 19,170 shares during the last quarter. Finally, Macquarie Group Ltd. increased its stake in Core-Mark by 7.7% during the second quarter. Macquarie Group Ltd. now owns 970,329 shares of the business services provider’s stock valued at $32,079,000 after purchasing an additional 69,048 shares during the last quarter. 98.27% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have weighed in on the stock. Jefferies Group reiterated a “hold” rating and set a $32.00 target price on shares of Core-Mark in a research note on Friday, November 10th. BidaskClub lowered shares of Core-Mark from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Zacks Investment Research lowered shares of Core-Mark from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Core-Mark currently has a consensus rating of “Hold” and an average price target of $38.80.
Core-Mark (NASDAQ:CORE) last released its quarterly earnings results on Tuesday, November 7th. The business services provider reported $0.37 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.04). The firm had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.29 billion. Core-Mark had a return on equity of 9.90% and a net margin of 0.27%. equities research analysts forecast that Core-Mark Holding Company, Inc. will post 1.19 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 22nd. Stockholders of record on Tuesday, November 28th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, November 27th. This represents a $0.40 annualized dividend and a dividend yield of 1.32%. This is a positive change from Core-Mark’s previous quarterly dividend of $0.09. Core-Mark’s dividend payout ratio is currently 44.94%.
Core-Mark declared that its board has approved a stock repurchase program on Monday, August 28th that permits the company to buyback $40.00 million in shares. This buyback authorization permits the business services provider to buy up to 3.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Core-Mark 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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