Core Molding Technologies (NYSEAMERICAN:CMT) Authorizes Share Repurchase Program

Core Molding Technologies (NYSEAMERICAN:CMT) announced that its board has approved a stock buyback program on Thursday, March 12th, RTT News reports. The company plans to repurchase $7,500.00 billion in shares. This repurchase authorization permits the industrial products company to buy up to 4,581,831.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Core Molding Technologies Price Performance

Core Molding Technologies stock opened at $19.47 on Friday. The company has a market cap of $172.50 million, a P/E ratio of 14.98 and a beta of 0.44. Core Molding Technologies has a one year low of $13.36 and a one year high of $22.29. The business has a fifty day moving average of $19.29 and a two-hundred day moving average of $19.45. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.39 and a current ratio of 3.02.

Core Molding Technologies (NYSEAMERICAN:CMT) last announced its quarterly earnings results on Tuesday, March 10th. The industrial products company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.24. Core Molding Technologies had a net margin of 4.09% and a return on equity of 7.26%. The business had revenue of $74.68 million during the quarter, compared to the consensus estimate of $66.44 million. As a group, analysts predict that Core Molding Technologies will post 1.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Roth Mkm lifted their target price on shares of Core Molding Technologies from $22.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday. One analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $24.00.

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.