Canadian Orebodies Inc. (CORE) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research cut shares of Canadian Orebodies Inc. (NASDAQ:CORE) from a buy rating to a hold rating in a research report report published on Thursday morning.
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. “
A number of other equities research analysts also recently issued reports on the stock. BidaskClub downgraded shares of Canadian Orebodies from a hold rating to a sell rating in a report on Saturday, August 12th. Raymond James Financial, Inc. set a $35.00 price target on shares of Canadian Orebodies and gave the stock a buy rating in a report on Wednesday, August 9th. Jefferies Group LLC lowered their price target on shares of Canadian Orebodies from $38.00 to $34.00 and set a hold rating on the stock in a report on Wednesday, August 9th. Finally, ValuEngine raised shares of Canadian Orebodies from a sell rating to a hold rating in a report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of C$38.80.
Shares of Canadian Orebodies (CORE) traded up C$0.13 during trading hours on Thursday, reaching C$29.28. 154,185 shares of the company’s stock were exchanged, compared to its average volume of 169,865. Canadian Orebodies has a 12-month low of C$26.08 and a 12-month high of C$44.12.
Canadian Orebodies (NASDAQ:CORE) last issued its earnings results on Tuesday, November 7th. The company reported C$0.37 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.41 by C($0.04). The business had revenue of C$4.31 billion for the quarter, compared to the consensus estimate of C$4.29 billion. Canadian Orebodies had a return on equity of 5.25% and a net margin of 0.18%.
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The company also recently declared a quarterly dividend, which will be paid on Friday, December 22nd. Stockholders of record on Tuesday, November 28th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.37%. This is an increase from Canadian Orebodies’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, November 27th.
Canadian Orebodies announced that its Board of Directors has authorized a share repurchase plan on Monday, August 28th that authorizes the company to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Institutional investors and hedge funds have recently made changes to their positions in the stock. UBS Group AG raised its stake in Canadian Orebodies by 30.6% in the first quarter. UBS Group AG now owns 3,423 shares of the company’s stock valued at $107,000 after purchasing an additional 802 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Canadian Orebodies in the third quarter valued at approximately $117,000. Riverhead Capital Management LLC raised its stake in Canadian Orebodies by 81.7% in the second quarter. Riverhead Capital Management LLC now owns 3,997 shares of the company’s stock valued at $132,000 after purchasing an additional 1,797 shares in the last quarter. Flinton Capital Management LLC raised its stake in Canadian Orebodies by 77.3% in the second quarter. Flinton Capital Management LLC now owns 4,368 shares of the company’s stock valued at $144,000 after purchasing an additional 1,904 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Canadian Orebodies by 17.7% in the second quarter. Victory Capital Management Inc. now owns 4,484 shares of the company’s stock valued at $148,000 after purchasing an additional 673 shares in the last quarter.
About Canadian Orebodies
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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