Core Molding Technologies (NYSEAMERICAN:CMT) Shares Cross Below 50 Day Moving Average – Here’s Why

Core Molding Technologies Inc (NYSEAMERICAN:CMT)’s stock price crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $24.35 and traded as low as $22.84. Core Molding Technologies shares last traded at $23.35, with a volume of 31,393 shares traded.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CMT shares. Roth Mkm increased their price objective on Core Molding Technologies from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Zacks Research downgraded Core Molding Technologies from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $24.00.

Core Molding Technologies Trading Down 1.4%

The business has a 50 day moving average of $24.35 and a two-hundred day moving average of $21.17. 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 $207.82 million, a P/E ratio of 20.85 and a beta of 0.44.

Core Molding Technologies (NYSEAMERICAN:CMT) last posted its quarterly earnings results on Tuesday, March 10th. The industrial products company reported $0.47 earnings per share 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 analysts’ expectations of $66.44 million. Core Molding Technologies had a return on equity of 6.15% and a net margin of 3.55%. 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 authorized a stock buyback plan on Thursday, March 12th that authorizes the company to repurchase $7,500.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to purchase up to 4,581,831.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Core Molding Technologies

Several large investors have recently modified their holdings of the stock. Empowered Funds LLC raised its position in shares of Core Molding Technologies by 6.0% in the first quarter. Empowered Funds LLC now owns 54,368 shares of the industrial products company’s stock valued at $1,218,000 after purchasing an additional 3,085 shares during the period. Quantinno Capital Management LP increased its stake in shares of Core Molding Technologies by 19.7% during the first quarter. Quantinno Capital Management LP now owns 45,462 shares of the industrial products company’s stock worth $1,018,000 after purchasing an additional 7,493 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Core Molding Technologies by 46.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 31,172 shares of the industrial products company’s stock worth $698,000 after purchasing an additional 9,953 shares during the period. Sei Investments Co. increased its stake in shares of Core Molding Technologies by 112.6% during 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 during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Core Molding Technologies by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 391,207 shares of the industrial products company’s stock worth $8,763,000 after purchasing an additional 2,922 shares during the period. 58.79% of the stock is owned by institutional investors.

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.