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

Core Molding Technologies Inc (NYSEAMERICAN:CMT) shares crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-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.

Analysts Set New Price Targets

CMT has been the subject of a number of recent research reports. Roth Mkm raised their price target 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 Core Molding Technologies from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Core Molding Technologies has an average rating of “Hold” and a consensus target price of $24.00.

Core Molding Technologies Stock Performance

The company has a current ratio of 2.41, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. The firm has a market cap of $208.26 million, a price-to-earnings ratio of 20.89 and a beta of 0.48. The stock has a fifty day moving average price of $23.71 and a 200 day moving average price of $20.89.

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

Core Molding Technologies declared that its Board of Directors has approved a share buyback plan on Thursday, March 12th that authorizes the company to buyback $7,500.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to buy up to 4,581,831.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Core Molding Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets grew its holdings in Core Molding Technologies by 83.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,673 shares of the industrial products company’s stock valued at $34,000 after buying an additional 763 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Core Molding Technologies by 70.8% in the 4th quarter. NewEdge Advisors LLC now owns 1,937 shares of the industrial products company’s stock valued at $39,000 after buying an additional 803 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Core Molding Technologies in the 4th quarter valued at approximately $43,000. JPMorgan Chase & Co. grew its holdings 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 during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in Core Molding Technologies by 34.6% in the 4th quarter. Wells Fargo & Company MN now owns 10,096 shares of the industrial products company’s stock valued at $202,000 after buying an additional 2,593 shares during the last quarter. Institutional investors and hedge funds own 58.79% of the company’s stock.

About Core Molding Technologies

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.