Core Molding Technologies Inc (NYSEAMERICAN:CMT – Get Free Report) shares crossed 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 trading hands.
Wall Street Analyst Weigh In
Several research analysts have weighed in on CMT shares. Roth Mkm upped their target price on Core Molding Technologies from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Zacks Research lowered Core Molding Technologies from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Core Molding Technologies currently has an average rating of “Hold” and a consensus target price of $24.00.
Read Our Latest Analysis on Core Molding Technologies
Core Molding Technologies Price Performance
Core Molding Technologies announced that its board has initiated a stock repurchase plan on Thursday, March 12th that allows the company to repurchase $7,500.00 billion in shares. This repurchase authorization allows the industrial products company to reacquire up to 4,581,831.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
Insider Transactions at Core Molding Technologies
In other Core Molding Technologies news, Director Thomas R. Cellitti sold 2,495 shares of the 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 transaction, the director directly 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 SEC, which is available through the SEC website. Insiders have sold 9,900 shares of company stock valued at $242,320 in the last three months. Corporate insiders own 11.20% of the company’s stock.
Institutional Investors Weigh In On Core Molding Technologies
Hedge funds have recently bought and sold shares of the company. Bard Associates Inc. acquired a new stake in shares of Core Molding Technologies in the third quarter valued at about $2,689,000. Sei Investments Co. lifted its position in shares of Core Molding Technologies by 112.6% during the 1st 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 last quarter. Teton Advisors LLC bought a new stake in Core Molding Technologies during the 3rd quarter valued at approximately $1,744,000. 22NW LP boosted its stake in Core Molding Technologies by 16.5% during the 3rd quarter. 22NW LP now owns 222,738 shares of the industrial products company’s stock valued at $4,577,000 after purchasing an additional 31,516 shares during the period. Finally, Diamond Hill Capital Management Inc. grew its holdings in Core Molding Technologies by 17.9% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 198,163 shares of the industrial products company’s stock valued at $3,973,000 after buying an additional 30,062 shares during the last quarter. 58.79% of the stock is currently 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.
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