Core Molding Technologies (NYSEAMERICAN:CMT) Stock Price Crosses Below 50-Day Moving Average - Here's What Happened

Key Points

• Core Molding Technologies shares fell below their 50-day moving average of $24.25, trading as low as $23.31 and last changing hands at $23.47 on volume of 44,688 shares.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and a $30.00 average price target; Roth Capital reiterated its “Buy” rating.
• The company beat quarterly expectations, reporting $0.39 in earnings per share versus a $0.21 consensus estimate and revenue of $62.73 million versus $60.05 million expected. Institutional investors own 58.79% of the stock.

Core Molding Technologies Inc (NYSEAMERICAN:CMT - Get Free Report)'s share price crossed below its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $24.25 and traded as low as $23.31. Core Molding Technologies shares last traded at $23.47, with a volume of 44,688 shares.

Wall Street Analyst Weigh In

CMT has been the subject of several analyst reports. Roth Capital reissued a "buy" rating and set a $30.00 price target on shares of Core Molding Technologies in a research report on Wednesday, August 5th. Zacks Research raised shares of Core Molding Technologies from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $30.00.

Core Molding Technologies Stock Up 0.9%

The business has a 50-day moving average price of $24.25 and a 200-day moving average price of $24.22. The firm has a market capitalization of $207.71 million, a price-to-earnings ratio of 27.29 and a beta of 0.39.

Core Molding Technologies (NYSEAMERICAN:CMT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The industrial products company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.21 by $0.18. The firm had revenue of $62.73 million during the quarter, compared to analyst estimates of $60.05 million. Core Molding Technologies had a return on equity of 4.64% and a net margin of 2.89%. On average, equities research analysts forecast that Core Molding Technologies Inc will post 0.50 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ralph O. Hellmold sold 4,268 shares of the company's 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 transaction, the director directly owned 33,501 shares of the company's stock, valued at $864,995.82. This represents a 11.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 11.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core Molding Technologies

Several institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC acquired a new stake in Core Molding Technologies in the 2nd quarter worth approximately $1,382,000. Tieton Capital Management LLC purchased a new stake in Core Molding Technologies during the 2nd quarter worth approximately $10,668,000. Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in Core Molding Technologies during the 2nd quarter worth approximately $5,090,000. Bard Associates Inc. purchased a new stake in Core Molding Technologies during the 2nd quarter worth approximately $3,388,000. Finally, BlackRock Inc. purchased a new stake in Core Molding Technologies during the 2nd quarter worth approximately $11,469,000. Institutional investors and hedge funds own 58.79% of the company's stock.

About Core Molding Technologies

Core Molding Technologies, Inc is a manufacturer of molded composite products and materials for commercial and industrial markets. The company produces sheet molding compound, bulk molding compound and other composite materials, as well as finished components and assemblies made through processes such as compression molding, resin transfer molding and related thermoset and thermoplastic technologies.

Its products are used in applications across the heavy-truck, transportation, automotive, powersports, construction and other industrial sectors.

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