Canadian Orebodies Inc. (NASDAQ:CORE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
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 brokerages have also recently commented on CORE. ValuEngine cut shares of Canadian Orebodies from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. BidaskClub upgraded shares of Canadian Orebodies from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Jefferies Group LLC dropped their target price 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, Raymond James Financial, Inc. set a $35.00 target price on shares of Canadian Orebodies and gave the company a “buy” rating 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 issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of C$38.80.
Canadian Orebodies (CORE) traded up C$0.13 during trading hours on Thursday, reaching C$29.28. 154,185 shares of the company traded hands, compared to its average volume of 169,865. Canadian Orebodies has a twelve month low of C$26.08 and a twelve month high of C$44.12.
Canadian Orebodies (NASDAQ:CORE) last announced its earnings results on Tuesday, November 7th. The company reported C$0.37 EPS for the quarter, missing the Zacks’ consensus estimate of C$0.41 by C($0.04). Canadian Orebodies had a net margin of 0.18% and a return on equity of 5.25%. The business had revenue of C$4.31 billion for the quarter, compared to the consensus estimate of C$4.29 billion.
Canadian Orebodies declared that its board has initiated a stock repurchase program on Monday, August 28th that authorizes the company to repurchase $40.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Institutional investors and hedge funds have recently bought and sold shares of the company. UBS Group AG raised its position in shares of Canadian Orebodies by 30.6% in the 1st quarter. UBS Group AG now owns 3,423 shares of the company’s stock worth $107,000 after purchasing an additional 802 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Canadian Orebodies in the 3rd quarter worth about $117,000. Riverhead Capital Management LLC raised its position in shares of Canadian Orebodies by 81.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,997 shares of the company’s stock worth $132,000 after purchasing an additional 1,797 shares during the last quarter. Flinton Capital Management LLC raised its position in shares of Canadian Orebodies by 77.3% in the 2nd quarter. Flinton Capital Management LLC now owns 4,368 shares of the company’s stock worth $144,000 after purchasing an additional 1,904 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Canadian Orebodies by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 4,484 shares of the company’s stock worth $148,000 after purchasing an additional 673 shares during the last quarter.
Canadian Orebodies Company 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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