BidaskClub Lowers Core-Mark (CORE) to Sell

BidaskClub lowered shares of Core-Mark (NASDAQ:CORE) from a hold rating to a sell rating in a research note issued to investors on Friday.

Other research analysts also recently issued reports about the stock. Jefferies Group reaffirmed a hold rating and issued a $32.00 target price on shares of Core-Mark in a research note on Friday, November 10th. Zacks Investment Research cut shares of Core-Mark from a buy rating to a hold rating in a report on Thursday, November 9th. One investment 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’s stock. The stock has a consensus rating of Hold and a consensus price target of $38.80.

Core-Mark (CORE) opened at $30.34 on Friday. The company has a quick ratio of 1.12, a current ratio of 2.16 and a debt-to-equity ratio of 0.93. Core-Mark has a one year low of $26.08 and a one year high of $43.94. The company has a market cap of $1,401.45, a price-to-earnings ratio of 33.71, a P/E/G ratio of 2.55 and a beta of 0.94.

Core-Mark (NASDAQ:CORE) last issued its 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). Core-Mark had a return on equity of 9.90% and a net margin of 0.27%. The firm had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.29 billion. analysts anticipate that Core-Mark will post 1.19 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, December 22nd. Investors of record on Tuesday, November 28th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, November 27th. This represents a $0.40 annualized dividend and a yield of 1.32%. This is a boost from Core-Mark’s previous quarterly dividend of $0.09. Core-Mark’s payout ratio is 44.44%.

Core-Mark announced that its board has authorized a stock repurchase plan 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 buy up to 3.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Core-Mark during the 3rd quarter valued at $117,000. Riverhead Capital Management LLC boosted its stake in Core-Mark by 81.7% in the 2nd 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. Flinton Capital Management LLC boosted its stake in Core-Mark 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. Victory Capital Management Inc. boosted its stake in Core-Mark by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 4,484 shares of the business services provider’s stock worth $148,000 after purchasing an additional 673 shares in the last quarter. Finally, Zions Bancorporation bought a new position in Core-Mark in the 3rd quarter worth about $161,000. Hedge funds and other institutional investors own 98.27% of the company’s stock.

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About Core-Mark

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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