Core Molding Technologies (NYSEAMERICAN:CMT) Share Price Crosses Below Fifty Day Moving Average – Time to Sell?

Core Molding Technologies Inc (NYSEAMERICAN:CMT)’s stock price passed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $24.39 and traded as low as $22.99. Core Molding Technologies shares last traded at $23.45, with a volume of 30,909 shares.

Analyst Ratings Changes

CMT has been the topic of a number of recent analyst reports. Roth Mkm increased 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 lowered shares of Core Molding Technologies from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Core Molding Technologies has an average rating of “Hold” and a consensus price target of $24.00.

Core Molding Technologies Trading Down 0.7%

The firm has a market capitalization of $208.71 million, a price-to-earnings ratio of 20.94 and a beta of 0.43. The company has a 50 day moving average price of $24.39 and a two-hundred day moving average price of $21.95. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 2.41.

Core Molding Technologies announced that its board has approved a stock buyback program on Thursday, March 12th that permits the company to buyback $7,500.00 billion in shares. This buyback authorization permits the industrial products company to repurchase up to 4,581,831.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, Director Thomas R. Cellitti sold 2,495 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $24.00, for a total transaction of $59,880.00. Following the completion of the sale, the director owned 93,818 shares of the company’s stock, valued at $2,251,632. This represents a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 9,900 shares of company stock worth $242,320 over the last ninety days. 11.20% of the stock is owned by corporate insiders.

Institutional Trading of Core Molding Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in CMT. Bard Associates Inc. acquired a new position in Core Molding Technologies in the third quarter valued at about $2,689,000. Teton Advisors LLC acquired a new position in shares of Core Molding Technologies during the 3rd quarter worth about $1,744,000. 22NW LP lifted its position 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 during the last quarter. Royce & Associates LP boosted its position in shares of 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 purchasing an additional 34,188 shares during the period. Finally, Diamond Hill Capital Management Inc. grew its position in Core Molding Technologies by 17.9% during the 4th quarter. Diamond Hill Capital Management Inc. now owns 198,163 shares of the industrial products company’s stock worth $3,973,000 after purchasing an additional 30,062 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.