Core-Mark (CORE) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of Core-Mark (NASDAQ:CORE) from a strong-buy rating to a hold rating in a report published on Wednesday.

According to Zacks, “Core-Mark Holding Company, Inc.is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America. Core-Mark Holding Company, Inc.is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America. Core-Mark offers a full range of products, marketing programs, and technology solutions. Core-Mark services traditional convenience retailers, grocers, drug, liquor and specialty stores, and other stores that carry convenience products. “

CORE has been the subject of several other reports. BidaskClub lowered Core-Mark from a strong-buy rating to a buy rating in a report on Tuesday, September 18th. ValuEngine upgraded Core-Mark from a strong sell rating to a sell rating in a report on Friday, August 3rd. BMO Capital Markets restated a hold rating and issued a $30.00 target price (up from $21.00) on shares of Core-Mark in a report on Wednesday, August 8th. Sidoti lowered Core-Mark from a buy rating to a neutral rating in a report on Tuesday, September 11th. Finally, Stephens upgraded Core-Mark from an equal weight rating to an overweight rating and set a $35.00 target price for the company in a report on Wednesday, August 8th. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $33.67.

Shares of Core-Mark stock opened at $29.00 on Wednesday. The stock has a market cap of $1.40 billion, a PE ratio of 22.13, a PEG ratio of 1.73 and a beta of 0.57. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.99 and a quick ratio of 1.14. Core-Mark has a 52-week low of $17.10 and a 52-week high of $40.12.

Core-Mark (NASDAQ:CORE) last announced its quarterly earnings results on Tuesday, November 6th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.17. The business had revenue of $4.27 billion during the quarter, compared to analyst estimates of $4.46 billion. Core-Mark had a return on equity of 11.58% and a net margin of 0.27%. The firm’s revenue was down .9% on a year-over-year basis. During the same period in the previous year, the company earned $0.37 EPS. Equities analysts expect that Core-Mark will post 1.36 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Tuesday, November 20th will be given a $0.11 dividend. This is an increase from Core-Mark’s previous quarterly dividend of $0.10. This represents a $0.44 annualized dividend and a yield of 1.52%. The ex-dividend date is Monday, November 19th. Core-Mark’s payout ratio is currently 40.00%.

In other Core-Mark news, VP Christopher Hobson sold 5,812 shares of Core-Mark stock in a transaction that occurred on Thursday, November 8th. The stock was sold at an average price of $30.73, for a total value of $178,602.76. Following the transaction, the vice president now directly owns 55,355 shares of the company’s stock, valued at approximately $1,701,059.15. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of CORE. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Core-Mark in the 2nd quarter worth approximately $222,000. Virginia Retirement Systems ET AL bought a new position in Core-Mark in the 3rd quarter worth approximately $224,000. Howard Capital Management bought a new position in Core-Mark in the 3rd quarter worth approximately $280,000. Skylands Capital LLC increased its position in Core-Mark by 941.7% in the 2nd quarter. Skylands Capital LLC now owns 12,500 shares of the business services provider’s stock worth $284,000 after buying an additional 11,300 shares during the period. Finally, Capital Fund Management S.A. bought a new position in Core-Mark in the 2nd quarter worth approximately $286,000. 93.91% of the stock is currently owned by institutional investors.

About Core-Mark

Core-Mark Holding Company, Inc markets fresh and broad-line supply solutions to the convenience retail industry. The company sells and distributes various food/non-food products, including cigarettes, fast food, candies, snacks, groceries, fresh products, dairy products, breads, beverages, other tobacco products, general merchandise and equipment, and health and beauty care products.

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