Core Molding Technologies (NYSEAMERICAN:CMT) Downgraded by Zacks Research to Strong Sell

Zacks Research cut shares of Core Molding Technologies (NYSEAMERICAN:CMT) from a hold rating to a strong sell rating in a research report report published on Monday morning,Zacks.com reports.

Separately, Roth Mkm upped their target price on Core Molding Technologies from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $24.00.

Core Molding Technologies Stock Performance

Core Molding Technologies stock opened at $24.41 on Monday. The firm has a market capitalization of $217.25 million, a P/E ratio of 21.79 and a beta of 0.48. The stock has a fifty day moving average price of $23.14 and a 200 day moving average price of $20.66. Core Molding Technologies has a 52 week low of $15.02 and a 52 week high of $28.69. The company has a current ratio of 2.41, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11.

Core Molding Technologies (NYSEAMERICAN:CMT) last released its earnings results on Tuesday, March 10th. The industrial products company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.23 by $0.24. The firm had revenue of $74.68 million during the quarter, compared to analyst estimates of $66.44 million. Core Molding Technologies had a return on equity of 6.15% and a net margin of 3.55%. Equities research analysts anticipate that Core Molding Technologies will post 1.07 earnings per share for the current year.

Core Molding Technologies announced that its Board of Directors 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 typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Core Molding Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in CMT. Bard Associates Inc. acquired a new stake in Core Molding Technologies during the third quarter worth about $2,689,000. Teton Advisors LLC purchased a new stake in shares of Core Molding Technologies in the third quarter worth about $1,744,000. Royce & Associates LP boosted its position in shares of Core Molding Technologies by 17.3% in the third quarter. Royce & Associates LP now owns 231,522 shares of the industrial products company’s stock worth $4,758,000 after buying an additional 34,188 shares during the period. 22NW LP boosted its position in shares of Core Molding Technologies by 16.5% in the third 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 period. Finally, Diamond Hill Capital Management Inc. boosted its position in shares of Core Molding Technologies by 17.9% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 198,163 shares of the industrial products company’s stock worth $3,973,000 after buying an additional 30,062 shares during the period. 58.79% of the stock is currently owned by institutional investors and hedge funds.

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.