Core-Mark Holding Company, Inc. (CORE) Reaches New 52-Week Low on Disappointing Earnings

Core-Mark Holding Company, Inc. (NASDAQ:CORE) reached a new 52-week low during trading on Tuesday after the company announced weaker than expected quarterly earnings. 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 EPS for the quarter, missing the Thomson Reuters’ 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 business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.96 billion. During the same period in the prior year, the business earned $0.39 EPS. The business’s quarterly revenue was up 3.1% on a year-over-year basis.

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

CORE has been the topic of a number of analyst reports. BidaskClub lowered shares of Core-Mark Holding from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. Zacks Investment Research lowered shares of Core-Mark Holding from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 10th. Jefferies Group LLC set a $35.00 price target on shares of Core-Mark Holding and gave the stock a “hold” rating in a research note on Monday, May 8th. Loop Capital assumed coverage on shares of Core-Mark Holding in a research note on Monday, May 15th. They issued a “buy” rating and a $40.00 price objective on the stock. Finally, Raymond James Financial, Inc. restated an “outperform” rating on shares of Core-Mark Holding in a research note on Wednesday, May 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $40.00.

In other Core-Mark Holding news, VP William Stein sold 7,500 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $35.91, for a total value of $269,325.00. Following the sale, the vice president now owns 73,402 shares of the company’s stock, valued at $2,635,865.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas B. Perkins sold 12,000 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $34.20, for a total transaction of $410,400.00. Following the completion of the sale, the insider now directly owns 190,666 shares in the company, valued at approximately $6,520,777.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,970 shares of company stock worth $1,435,622. 2.40% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the stock. UBS Group AG raised 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. Quantbot Technologies LP raised 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. Victory Capital Management Inc. raised its position in shares of 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 valued at $119,000 after buying an additional 1,503 shares during the period. Ameritas Investment Partners Inc. bought a new position in shares of Core-Mark Holding during the first quarter valued at approximately $123,000. Finally, Riverhead Capital Management LLC raised its position in shares of 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 valued at $132,000 after buying an additional 1,797 shares during the period. 98.27% of the stock is owned by institutional investors and hedge funds.

The company has a 50-day moving average of $33.63 and a 200 day moving average of $33.41. The company has a market capitalization of $1.23 billion, a PE ratio of 29.79 and a beta of 0.87.

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About Core-Mark Holding

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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