Key Points
- Director Thomas Cellitti sold 2,495 shares of Core Molding Technologies on June 17 at an average price of $24.00, totaling about $59,880. After the sale, he still held 93,818 shares.
- Core Molding Technologies recently had mixed analyst sentiment, with Roth Mkm raising its target to $24 and issuing a buy rating, while Zacks Research downgraded the stock to strong sell. The consensus rating remains Hold with a $24 price target.
- The company has a sizable buyback authorization and solid institutional ownership, with hedge funds and other institutions holding 58.79% of the stock. Its board also approved a stock repurchase plan earlier this year, signaling management may see value in the shares.
Core Molding Technologies Inc (NYSEAMERICAN:CMT - Get Free Report) Director Thomas Cellitti sold 2,495 shares of the company's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $24.00, for a total value of $59,880.00. Following the completion of the sale, the director owned 93,818 shares in the company, valued at approximately $2,251,632. This represents a 2.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.
Core Molding Technologies Price Performance
NYSEAMERICAN:CMT opened at $23.34 on Tuesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.41 and a quick ratio of 1.95. The company has a 50 day moving average price of $24.84 and a 200-day moving average price of $21.71. Core Molding Technologies Inc has a 1-year low of $16.16 and a 1-year high of $28.69. The firm has a market cap of $207.73 million, a price-to-earnings ratio of 20.84 and a beta of 0.44.
Core Molding Technologies announced that its board has approved a stock buyback plan on Thursday, March 12th that permits the company to buyback $7,500.00 billion in outstanding shares. This buyback authorization permits the industrial products company to buy up to 4,581,831.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.
Hedge Funds Weigh In On Core Molding Technologies
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC grew its position in shares of Core Molding Technologies by 7.6% in the first quarter. Empowered Funds LLC now owns 40,862 shares of the industrial products company's stock valued at $621,000 after purchasing an additional 2,888 shares during the period. Geode Capital Management LLC raised its position in shares of Core Molding Technologies by 2.4% during the 2nd quarter. Geode Capital Management LLC now owns 183,910 shares of the industrial products company's stock worth $3,051,000 after purchasing an additional 4,332 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Core Molding Technologies by 18.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,703 shares of the industrial products company's stock valued at $78,000 after buying an additional 738 shares in the last quarter. Rhumbline Advisers boosted its holdings in Core Molding Technologies by 8.9% in the 2nd quarter. Rhumbline Advisers now owns 12,647 shares of the industrial products company's stock worth $210,000 after buying an additional 1,038 shares during the last quarter. Finally, Quantinno Capital Management LP increased its stake in Core Molding Technologies by 46.2% during the 2nd quarter. Quantinno Capital Management LP now owns 25,769 shares of the industrial products company's stock worth $428,000 after buying an additional 8,146 shares in the last quarter. 58.79% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts have weighed in on the stock. Roth Mkm upped their price objective on shares of Core Molding Technologies from $22.00 to $24.00 and gave the stock a "buy" rating in a research report on Wednesday, March 11th. Zacks Research lowered Core Molding Technologies from a "hold" rating to a "strong sell" rating in a research note on Monday, May 11th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Core Molding Technologies currently has an average rating of "Hold" and a consensus price target of $24.00.
Check Out Our Latest Analysis on Core Molding Technologies
About Core Molding Technologies
(
Get Free Report)
Core Molding Technologies is a publicly traded manufacturer specializing in engineered composite and polymer solutions for a wide array of industrial applications. The company's core business includes the design, tooling and high-volume production of fiberglass-reinforced plastics, advanced polyurethane systems, structural composites and specialty coatings. Its products find use in commercial vehicles, off-highway equipment, defense, power sports, recreation and industrial markets.
Core Molding offers end-to-end services ranging from digital design and prototyping to mold fabrication, process development and full-scale manufacturing.
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