Key Points
- Director Thomas Cellitti sold 513 shares of Core Molding Technologies at an average price of $24.02, totaling about $12,322. After the sale, he still owned 93,293 shares valued at roughly $2.24 million.
- Core Molding Technologies has drawn mixed analyst views, with Roth Mkm raising its target to $24 and rating it a buy, while Zacks Research cut the stock to strong sell. The consensus rating remains Hold with a $24 price target.
- The company has also attracted institutional buying, and hedge funds now own 58.79% of the stock. Core Molding Technologies recently authorized a share buyback program, which can signal management believes the stock is undervalued.
Core Molding Technologies Inc (NYSEAMERICAN:CMT - Get Free Report) Director Thomas Cellitti sold 513 shares of Core Molding Technologies stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $24.02, for a total value of $12,322.26. Following the sale, the director directly owned 93,293 shares of the company's stock, valued at approximately $2,240,897.86. The trade was a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Core Molding Technologies Price Performance
NYSEAMERICAN:CMT opened at $23.77 on Friday. Core Molding Technologies Inc has a 52 week low of $16.37 and a 52 week high of $28.69. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 2.41. The firm's 50-day simple moving average is $24.75 and its 200 day simple moving average is $21.81. The firm has a market cap of $211.55 million, a price-to-earnings ratio of 21.22 and a beta of 0.44.
Core Molding Technologies announced that its board has initiated a stock buyback program 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 reacquire up to 4,581,831.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several research analysts have commented on the company. Roth Mkm boosted their target price on Core Molding Technologies from $22.00 to $24.00 and gave the stock a "buy" rating in a research note on Wednesday, March 11th. Zacks Research downgraded shares of Core Molding Technologies from a "hold" rating to a "strong sell" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Core Molding Technologies currently has an average rating of "Hold" and a consensus price target of $24.00.
Get Our Latest Stock Analysis on Core Molding Technologies
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of CMT. Bard Associates Inc. bought a new position in Core Molding Technologies during the third quarter worth $2,689,000. Sei Investments Co. increased its holdings in Core Molding Technologies by 112.6% in the first quarter. Sei Investments Co. now owns 225,532 shares of the industrial products company's stock worth $5,052,000 after purchasing an additional 119,457 shares in the last quarter. Teton Advisors LLC acquired a new position in Core Molding Technologies in the third quarter valued at approximately $1,744,000. Royce & Associates LP lifted its stake in Core Molding Technologies by 17.3% in the third quarter. Royce & Associates LP now owns 231,522 shares of the industrial products company's stock valued at $4,758,000 after buying an additional 34,188 shares during the period. Finally, 22NW LP boosted its holdings in shares of Core Molding Technologies by 16.5% during the 3rd quarter. 22NW LP now owns 222,738 shares of the industrial products company's stock worth $4,577,000 after buying an additional 31,516 shares in the last quarter. Institutional investors and hedge funds own 58.79% of the company's stock.
Core Molding Technologies Company Profile
(
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
