Core-Mark (CORE) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Core-Mark (NASDAQ:CORE) from a hold rating to a sell rating in a research note published 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. “

CORE has been the topic of several other reports. William Blair began coverage on Core-Mark in a research report on Wednesday, January 3rd. They issued an outperform rating on the stock. Loop Capital set a $31.00 target price on Core-Mark and gave the stock a buy rating in a research report on Monday. They noted that the move was a valuation call. BidaskClub lowered Core-Mark from a hold rating to a sell rating in a research report on Friday, December 22nd. Jefferies Group reaffirmed a hold rating and issued a $32.00 target price on shares of Core-Mark in a research report on Friday, November 10th. Finally, Raymond James Financial raised Core-Mark from an outperform rating to a buy rating and set a $31.00 target price on the stock in a research report on Friday, January 5th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Core-Mark has a consensus rating of Hold and a consensus price target of $35.67.

Shares of Core-Mark (NASDAQ:CORE) traded down $0.82 on Tuesday, reaching $24.40. The company had a trading volume of 379,060 shares, compared to its average volume of 735,800. Core-Mark has a 52-week low of $23.95 and a 52-week high of $43.50. The company has a market capitalization of $1,190.00, a PE ratio of 27.42, a PEG ratio of 1.83 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.16 and a quick ratio of 1.12.

Core-Mark (NASDAQ:CORE) last announced its quarterly earnings data on Tuesday, November 7th. The business services provider reported $0.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 for the quarter, compared to the consensus estimate of $4.29 billion. sell-side analysts predict that Core-Mark will post 1.16 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 22nd. Shareholders of record on Tuesday, November 28th were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, November 27th. This is a positive change from Core-Mark’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.64%. Core-Mark’s dividend payout ratio (DPR) is currently 44.94%.

A number of hedge funds and other institutional investors have recently modified their holdings of CORE. SG Americas Securities LLC acquired a new position in shares of Core-Mark during the third quarter valued at $117,000. Riverhead Capital Management LLC increased its holdings in shares of Core-Mark by 81.7% during the second quarter. Riverhead Capital Management LLC now owns 3,997 shares of the business services provider’s stock valued at $132,000 after purchasing an additional 1,797 shares during the period. Flinton Capital Management LLC increased its holdings in shares of Core-Mark by 77.3% during the second quarter. Flinton Capital Management LLC now owns 4,368 shares of the business services provider’s stock valued at $144,000 after purchasing an additional 1,904 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Core-Mark by 17.7% during the second quarter. Victory Capital Management Inc. now owns 4,484 shares of the business services provider’s stock valued at $148,000 after purchasing an additional 673 shares during the period. Finally, Zions Bancorporation acquired a new position in shares of Core-Mark during the third quarter valued at $161,000. 98.27% of the stock is currently owned by hedge funds and other institutional investors.

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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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