BlackRock Inc. Makes New Investment in Core Molding Technologies Inc $CMT

Key Points

• BlackRock acquired 485,995 shares of Core Molding Technologies in the second quarter, worth approximately $11.5 million and representing a 5.49% stake. Institutional investors collectively own 58.79% of the company.
• Core Molding Technologies reported quarterly EPS of $0.39, exceeding the $0.21 analyst consensus, while revenue of $62.73 million also topped estimates.
• Analysts maintain a “Moderate Buy” consensus rating with a $30 price target; the stock recently opened at $24.12, compared with a 52-week range of $16.60 to $28.69.

BlackRock Inc. bought a new stake in shares of Core Molding Technologies Inc (NYSEAMERICAN:CMT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 485,995 shares of the industrial products company's stock, valued at approximately $11,469,000. BlackRock Inc. owned approximately 5.49% of Core Molding Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Diamond Hill Capital Management LLC Investment Advisor bought a new stake in Core Molding Technologies during the second quarter valued at about $5,090,000. Sei Investments Co. lifted its position in 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 valued at $5,052,000 after purchasing an additional 119,457 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in shares of 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 acquiring an additional 30,062 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Core Molding Technologies in the 2nd quarter valued at approximately $655,000. Finally, Bristlecone Value Partners LLC purchased a new position in Core Molding Technologies during the fourth quarter worth $401,000. 58.79% of the stock is currently owned by institutional investors.

Core Molding Technologies Stock Performance

NYSEAMERICAN CMT opened at $24.12 on Friday. The company has a market cap of $213.46 million, a P/E ratio of 28.05 and a beta of 0.45. Core Molding Technologies Inc has a one year low of $16.60 and a one year high of $28.69. The business has a fifty day moving average price of $24.54 and a 200 day moving average price of $23.49.

Core Molding Technologies (NYSEAMERICAN:CMT - Get Free Report) last issued its earnings results on Tuesday, August 4th. The industrial products company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.21 by $0.18. The business had revenue of $62.73 million during the quarter, compared to the consensus estimate of $60.05 million. Core Molding Technologies had a return on equity of 4.64% and a net margin of 2.89%. As a group, sell-side analysts predict that Core Molding Technologies Inc will post 1.04 EPS for the current fiscal year.

Analysts Set New Price Targets

CMT has been the topic of a number of analyst reports. Zacks Research raised Core Molding Technologies from a "strong sell" rating to a "hold" rating in a research note on Monday, July 6th. Roth Capital reissued a "buy" rating and set a $30.00 price objective on shares of Core Molding Technologies in a report on Wednesday, August 5th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $30.00.

Insider Activity

In other news, Director Thomas R. Cellitti sold 3,000 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $24.77, for a total value of $74,310.00. Following the sale, the director directly owned 98,393 shares of the company's stock, valued at approximately $2,437,194.61. The trade was a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ralph O. Hellmold sold 4,268 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $25.82, for a total transaction of $110,199.76. Following the sale, the director directly owned 33,501 shares in the company, valued at $864,995.82. This represents a 11.30% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 14,168 shares of company stock valued at $352,520. 11.20% of the stock is currently owned by insiders.

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.

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