Core-Mark (NASDAQ:CORE) Cut to “Sell” at BidaskClub

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BidaskClub downgraded shares of Core-Mark (NASDAQ:CORE) from a hold rating to a sell rating in a research report sent to investors on Saturday morning, BidAskClub reports.

A number of other analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Core-Mark from a hold rating to a buy rating and set a $42.00 target price on the stock in a research report on Tuesday, May 14th. ValuEngine raised shares of Core-Mark from a hold rating to a buy rating in a research report on Friday, May 10th. TheStreet raised shares of Core-Mark from a c+ rating to a b- rating in a research report on Thursday, March 28th. BMO Capital Markets upped their target price on shares of Core-Mark to $38.00 and gave the stock a market perform rating in a research report on Tuesday, March 5th. They noted that the move was a valuation call. Finally, Raymond James upped their target price on shares of Core-Mark from $36.00 to $39.00 and gave the stock an outperform rating in a research report on Monday, March 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $37.83.

NASDAQ:CORE opened at $36.50 on Friday. The stock has a 50-day simple moving average of $37.96. The stock has a market cap of $1.67 billion, a P/E ratio of 26.26, a PEG ratio of 2.88 and a beta of 0.76. The company has a quick ratio of 0.86, a current ratio of 1.61 and a debt-to-equity ratio of 0.70. Core-Mark has a 1-year low of $22.24 and a 1-year high of $40.38.

Core-Mark (NASDAQ:CORE) last released its earnings results on Wednesday, May 8th. The business services provider reported $0.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.06. The firm had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.84 billion. Core-Mark had a net margin of 0.29% and a return on equity of 12.03%. The company’s revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.07 EPS. As a group, analysts expect that Core-Mark will post 1.58 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Thursday, May 23rd were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend was Wednesday, May 22nd. Core-Mark’s payout ratio is 31.65%.

In related news, Director Harvey L. Tepner sold 2,351 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $40.00, for a total value of $94,040.00. Following the transaction, the director now owns 44,370 shares in the company, valued at approximately $1,774,800. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Harvey L. Tepner sold 1,000 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $38.25, for a total transaction of $38,250.00. Following the completion of the transaction, the director now owns 48,370 shares in the company, valued at approximately $1,850,152.50. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

A number of institutional investors have recently made changes to their positions in CORE. JPMorgan Chase & Co. boosted its stake in Core-Mark by 227.4% in the 1st quarter. JPMorgan Chase & Co. now owns 1,311,902 shares of the business services provider’s stock worth $48,710,000 after purchasing an additional 911,250 shares in the last quarter. Norges Bank bought a new position in Core-Mark during the 4th quarter valued at about $6,379,000. Robeco Institutional Asset Management B.V. bought a new position in Core-Mark during the 1st quarter valued at about $6,868,000. Acadian Asset Management LLC lifted its stake in Core-Mark by 6,007.5% during the 4th quarter. Acadian Asset Management LLC now owns 175,345 shares of the business services provider’s stock valued at $4,077,000 after acquiring an additional 172,474 shares during the period. Finally, American Century Companies Inc. bought a new position in Core-Mark during the 4th quarter valued at about $3,613,000. Institutional investors own 92.15% of the company’s stock.

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 food products, including fast food, candies, snacks, and groceries, as well as beverages and fresh products, such as sandwiches, juices, salads, produce, dairy, and bread; and non-food products comprising cigars, tobacco, alternative nicotine products, health and beauty care products, and general merchandise and equipment.

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