Core Molding Technologies (NYSEAMERICAN:CMT) Shares Pass Above 50 Day Moving Average – Here’s What Happened

Core Molding Technologies Inc (NYSEAMERICAN:CMT) shares passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $23.71 and traded as high as $24.05. Core Molding Technologies shares last traded at $23.40, with a volume of 21,658 shares changing hands.

Analysts Set New Price Targets

A number of analysts have issued reports on CMT shares. Zacks Research lowered Core Molding Technologies from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. Roth Mkm raised their target price on Core Molding Technologies from $22.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $24.00.

Core Molding Technologies Price Performance

The company has a market cap of $208.26 million, a price-to-earnings ratio of 20.89 and a beta of 0.48. The company has a fifty day moving average price of $23.71 and a two-hundred day moving average price of $20.89. The company has a current ratio of 2.41, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11.

Core Molding Technologies (NYSEAMERICAN:CMT) last announced its quarterly earnings data on Tuesday, March 10th. The industrial products company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.24. Core Molding Technologies had a return on equity of 6.15% and a net margin of 3.55%.The company had revenue of $74.68 million for the quarter, compared to analyst estimates of $66.44 million. As a group, equities research analysts anticipate that Core Molding Technologies Inc will post 1.07 EPS for the current fiscal year.

Core Molding Technologies announced that its Board of Directors has authorized 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 buy up to 4,581,831.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Core Molding Technologies

Institutional investors have recently modified their holdings of the company. Bard Associates Inc. acquired a new stake in Core Molding Technologies in the 3rd quarter valued at $2,689,000. Teton Advisors LLC acquired a new stake in Core Molding Technologies in the 3rd quarter valued at $1,744,000. 22NW LP boosted its stake in Core Molding Technologies by 16.5% in the 3rd quarter. 22NW LP now owns 222,738 shares of the industrial products company’s stock valued at $4,577,000 after buying an additional 31,516 shares in the last quarter. Royce & Associates LP boosted its stake in Core Molding Technologies by 17.3% in the 3rd 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 in the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new stake in Core Molding Technologies in the 1st quarter valued at $358,000. Institutional investors and hedge funds own 58.79% of the company’s stock.

Core Molding Technologies Company Profile

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.