David L. Duvall, the Chief Executive Officer of Core Molding Technologies Inc . (NYSE:CMT), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Duvall sold a total of 13,950 shares of common stock over three days, from December 6 to December 10. The company, which currently trades at $16.43, has shown strong financial health with an InvestingPro Overall Score of "GREAT" and maintains healthy liquidity with a current ratio of 2.41.
The transactions were executed at prices ranging from $16.365 to $16.55 per share, resulting in a total value of approximately $228,766. Following these sales, Duvall retains ownership of 273,431 shares in the company. The stock has traded between $14.64 and $21.00 over the past 52 weeks, with the company generating $313.66 million in revenue over the last twelve months.
The sales were conducted in multiple transactions, with the SEC filing noting weighted average prices for some of the sales. Duvall has committed to providing detailed information about the number of shares sold at each price upon request. For deeper insights into CMT's valuation and financial metrics, including exclusive ProTips and comprehensive analysis, visit InvestingPro.
In other recent news, Core Molding Technologies reported a third-quarter sales figure of $73 million and an adjusted EBITDA of $7.5 million, reflecting a 10.3% margin of sales. Despite a challenging macroeconomic environment, the company delivered a net income of $3.2 million. The firm also highlighted a robust year-to-date free cash flow exceeding $23 million and total liquidity of $92.3 million.
However, the company reported a decline in product sales by 11.9% and total net sales by 15.8% year-over-year. Core Molding Technologies anticipates a full-year sales decrease of about 17% and expects gross margins to remain within the 17% to 19% range.
In response to these developments, the company has appointed Alex Bantz as Chief Commercial Officer to drive strategic sales and marketing initiatives. Core Molding is also focusing on enhancing customer relationships and expanding its product offerings, particularly in high-value solutions.
Despite facing a decline in demand in the truck market and managing the transition to new Volvo (OTC:VLVLY) models, Core Molding secured over $45 million in new business, with a pipeline exceeding $270 million. The company is also breaking into new markets such as EV bus battery trays and medical equipment.
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