Core Molding Technologies (NYSEAMERICAN:CMT – Get Free Report) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.
Separately, Roth Mkm raised their price objective on shares of Core Molding Technologies from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Core Molding Technologies presently has an average rating of “Hold” and a consensus target price of $24.00.
Check Out Our Latest Report on CMT
Core Molding Technologies Stock Performance
Core Molding Technologies (NYSEAMERICAN:CMT – Get Free Report) last posted its quarterly earnings data on Tuesday, March 10th. The industrial products company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.24. The firm had revenue of $74.68 million for the quarter, compared to analysts’ expectations of $66.44 million. Core Molding Technologies had a net margin of 3.55% and a return on equity of 6.15%. On average, equities research analysts expect that Core Molding Technologies will post 1.07 earnings per share for the current fiscal year.
Core Molding Technologies declared that its board has approved a stock buyback plan on Thursday, March 12th that allows the company to buyback $7,500.00 billion in outstanding shares. This buyback authorization allows the industrial products company to reacquire 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 shares are undervalued.
Hedge Funds Weigh In On Core Molding Technologies
Several institutional investors and hedge funds have recently made changes to their positions in CMT. BNP Paribas Financial Markets grew its holdings in shares of Core Molding Technologies by 83.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,673 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 763 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Core Molding Technologies by 70.8% during the 4th quarter. NewEdge Advisors LLC now owns 1,937 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 803 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Core Molding Technologies during the 4th quarter valued at $43,000. JPMorgan Chase & Co. grew its holdings in shares of Core Molding Technologies by 18.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,703 shares of the industrial products company’s stock valued at $78,000 after purchasing an additional 738 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Core Molding Technologies by 34.6% during the 4th quarter. Wells Fargo & Company MN now owns 10,096 shares of the industrial products company’s stock valued at $202,000 after purchasing an additional 2,593 shares during the last quarter. Institutional investors 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.
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