Loop Capital Reiterates $40.00 Price Target for Core-Mark (CORE)

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Loop Capital set a $40.00 price objective on Core-Mark (NASDAQ:CORE) in a research report sent to investors on Wednesday morning. The brokerage currently has a buy rating on the business services provider’s stock.

Other research analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of Core-Mark from a hold rating to a sell rating in a report on Tuesday, July 10th. ValuEngine raised shares of Core-Mark from a strong sell rating to a sell rating in a report on Friday, August 3rd. TheStreet raised shares of Core-Mark from a c rating to a b- rating in a report on Friday, August 10th. BMO Capital Markets reissued a hold rating and set a $30.00 price objective (up from $21.00) on shares of Core-Mark in a report on Wednesday, August 8th. Finally, BidaskClub raised shares of Core-Mark from a buy rating to a strong-buy rating in a report on Thursday, August 9th. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. Core-Mark currently has an average rating of Buy and an average price target of $33.67.

Core-Mark stock traded down $1.54 during trading hours on Wednesday, hitting $29.00. The stock had a trading volume of 536,908 shares, compared to its average volume of 399,722. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.14 and a current ratio of 1.99. The stock has a market capitalization of $1.36 billion, a PE ratio of 29.00, a price-to-earnings-growth ratio of 1.68 and a beta of 0.57. Core-Mark has a 12-month low of $17.10 and a 12-month high of $40.12.

Core-Mark (NASDAQ:CORE) last issued its earnings results on Tuesday, November 6th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.17. The business had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $4.46 billion. Core-Mark had a net margin of 0.27% and a return on equity of 11.58%. The business’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.37 earnings per share. As a group, equities research analysts forecast that Core-Mark will post 1.36 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Tuesday, November 20th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.52%. This is a boost from Core-Mark’s previous quarterly dividend of $0.10. The ex-dividend date is Monday, November 19th. Core-Mark’s payout ratio is presently 40.00%.

In other news, VP Christopher Hobson sold 5,812 shares of the business’s stock in a transaction that occurred on Thursday, November 8th. The shares were sold at an average price of $30.73, for a total transaction of $178,602.76. Following the completion of the transaction, the vice president now directly owns 55,355 shares of the company’s stock, valued at $1,701,059.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Core-Mark during the second quarter valued at approximately $222,000. Virginia Retirement Systems ET AL bought a new stake in Core-Mark during the third quarter valued at approximately $224,000. Howard Capital Management bought a new stake in Core-Mark during the third quarter valued at approximately $280,000. Skylands Capital LLC grew its position in Core-Mark by 941.7% during the second quarter. Skylands Capital LLC now owns 12,500 shares of the business services provider’s stock valued at $284,000 after buying an additional 11,300 shares during the period. Finally, Capital Fund Management S.A. bought a new stake in Core-Mark during the second quarter valued at approximately $286,000. 93.91% of the stock is owned by hedge funds and other institutional investors.

Core-Mark Company Profile

Core-Mark Holding Company, Inc markets fresh and broad-line supply solutions to the convenience retail industry. The company sells and distributes various food/non-food products, including cigarettes, fast food, candies, snacks, groceries, fresh products, dairy products, breads, beverages, other tobacco products, general merchandise and equipment, and health and beauty care products.

Read More: What is the Ex-Dividend Date in Investing?

Analyst Recommendations for Core-Mark (NASDAQ:CORE)

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