Neumeier Poma Investment Counsel LLC reduced its holdings in shares of Core-Mark Holding Company, Inc. (NASDAQ:CORE) by 70.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 68,550 shares of the business services provider’s stock after selling 165,345 shares during the period. Neumeier Poma Investment Counsel LLC owned about 0.15% of Core-Mark Holding worth $2,266,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. UBS Group AG increased its holdings in Core-Mark Holding by 30.6% during the 1st quarter. UBS Group AG now owns 3,423 shares of the business services provider’s stock worth $107,000 after purchasing an additional 802 shares during the period. Victory Capital Management Inc. increased its holdings in Core-Mark Holding by 65.1% during the 1st quarter. Victory Capital Management Inc. now owns 3,811 shares of the business services provider’s stock worth $119,000 after purchasing an additional 1,503 shares during the period. Quantbot Technologies LP increased its holdings in Core-Mark Holding by 550.9% during the 1st quarter. Quantbot Technologies LP now owns 3,821 shares of the business services provider’s stock worth $119,000 after purchasing an additional 3,234 shares during the period. Ameritas Investment Partners Inc. purchased a new position in Core-Mark Holding during the 1st quarter worth $123,000. Finally, Riverhead Capital Management LLC increased its holdings in Core-Mark Holding by 81.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,997 shares of the business services provider’s stock worth $132,000 after purchasing an additional 1,797 shares during the period. 98.27% of the stock is owned by hedge funds and other institutional investors.
Core-Mark Holding Company, Inc. (NASDAQ CORE) traded up 2.76% on Friday, reaching $29.43. The company’s stock had a trading volume of 471,458 shares. Core-Mark Holding Company, Inc. has a 52 week low of $26.08 and a 52 week high of $44.12. The company has a 50 day moving average of $29.39 and a 200 day moving average of $32.62. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 33.07 and a beta of 0.94.
Core-Mark Holding (NASDAQ:CORE) last released its quarterly earnings results on Tuesday, August 8th. The business services provider reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.11). Core-Mark Holding had a return on equity of 9.70% and a net margin of 0.27%. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.96 billion. During the same quarter last year, the company earned $0.39 earnings per share. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, analysts forecast that Core-Mark Holding Company, Inc. will post $1.23 earnings per share for the current year.
Core-Mark Holding declared that its board has approved a share repurchase program on Monday, August 28th that permits the company to buyback $40.00 million in outstanding shares. This buyback authorization permits the business services provider to purchase up to 3.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date was Friday, August 25th. Core-Mark Holding’s dividend payout ratio (DPR) is 40.00%.
Several research analysts have commented on the company. Loop Capital restated a “buy” rating and set a $40.00 price objective on shares of Core-Mark Holding in a report on Monday, July 10th. ValuEngine downgraded Core-Mark Holding from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Raymond James Financial, Inc. set a $35.00 price objective on Core-Mark Holding and gave the stock a “buy” rating in a report on Wednesday, August 9th. BidaskClub upgraded Core-Mark Holding from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, Jefferies Group LLC reduced their price objective on Core-Mark Holding from $38.00 to $34.00 and set a “hold” rating on the stock in a report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Core-Mark Holding presently has a consensus rating of “Hold” and an average target price of $40.00.
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Core-Mark Holding 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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