Core-Mark Holding Company, Inc. (CORE) Sets New 1-Year Low Following Weak Earnings

Shares of Core-Mark Holding Company, Inc. (NASDAQ:CORE) reached a new 52-week low during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $29.98 and last traded at $29.96, with a volume of 1,193,927 shares changing hands. The stock had previously closed at $35.92.

The business services provider reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.32 by $0.11. Core-Mark Holding had a net margin of 0.27% and a return on equity of 9.70%. The firm had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.96 billion. During the same period in the previous year, the firm posted $0.39 EPS. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 29th will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.36%. The ex-dividend date is Friday, August 25th. Core-Mark Holding’s payout ratio is 40.00%.

Several research analysts recently weighed in on CORE shares. Loop Capital began coverage on shares of Core-Mark Holding in a research note on Monday, May 15th. They issued a “buy” rating and a $40.00 target price for the company. Raymond James Financial, Inc. reaffirmed an “outperform” rating on shares of Core-Mark Holding in a research note on Wednesday, May 10th. Zacks Investment Research raised shares of Core-Mark Holding from a “sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. BidaskClub downgraded shares of Core-Mark Holding from a “hold” rating to a “sell” rating in a research note on Thursday, June 22nd. Finally, Jefferies Group LLC set a $35.00 price objective on shares of Core-Mark Holding and gave the company a “hold” rating in a research note on Monday, May 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $40.00.

In other news, VP William Stein sold 7,500 shares of the business’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $35.91, for a total transaction of $269,325.00. Following the completion of the sale, the vice president now owns 73,402 shares in the company, valued at approximately $2,635,865.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas B. Perkins sold 12,000 shares of the business’s 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 sale, the insider now owns 190,666 shares of the company’s stock, valued at approximately $6,520,777.20. The disclosure for this sale can be found here. Insiders have sold a total of 40,970 shares of company stock valued at $1,435,622 in the last quarter. Company insiders own 2.40% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the company. UBS Group AG boosted its position 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 buying an additional 802 shares in the last quarter. Victory Capital Management Inc. boosted its position 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 buying an additional 1,503 shares in the last quarter. Quantbot Technologies LP boosted its position 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 buying an additional 3,234 shares in the last quarter. Ameritas Investment Partners Inc. bought a new position in Core-Mark Holding during the first quarter worth $123,000. Finally, Riverhead Capital Management LLC boosted its position 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 buying an additional 1,797 shares in the last quarter. Hedge funds and other institutional investors own 98.27% of the company’s stock.

The company has a market capitalization of $1.23 billion, a PE ratio of 29.79 and a beta of 0.87. The firm has a 50-day moving average price of $33.81 and a 200-day moving average price of $33.47.

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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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