Wax Asset Management Divests Core Molding Tech Shares
Ticker: CMT · Form: SC 13G/A · Filed: Feb 8, 2024 · CIK: 1026655
| Field | Detail |
|---|---|
| Company | Core Molding Technologies INC (CMT) |
| Form Type | SC 13G/A |
| Filed Date | Feb 8, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Sentiment | bearish |
Complexity: simple
Sentiment: bearish
Topics: institutional-ownership, divestment, amendment, ownership-change
TL;DR
**Wax Asset Management dumped all their Core Molding Tech shares.**
AI Summary
Wax Asset Management, LLC filed an amended SC 13G/A on February 8, 2024, indicating a change in their beneficial ownership of Core Molding Technologies, Inc. common stock as of December 31, 2023. The filing shows that Wax Asset Management now holds 0 shares with sole voting power, a significant decrease from their previous holdings. This matters to investors because it signals a complete divestment or a substantial reduction in a major institutional investor's stake, which could be interpreted negatively by the market.
Why It Matters
This filing indicates a major institutional investor, Wax Asset Management, LLC, no longer holds shares with sole voting power in Core Molding Technologies, Inc., which could signal a lack of confidence in the company's future prospects.
Risk Assessment
Risk Level: medium — A significant institutional divestment can put downward pressure on a stock's price and signal potential underlying issues.
Analyst Insight
A smart investor would investigate the reasons behind Wax Asset Management's complete divestment from Core Molding Technologies, Inc. and consider if this signals any fundamental issues with the company before making investment decisions.
Key Numbers
- 0 — Sole Voting Power Shares (Wax Asset Management, LLC's current sole voting power in Core Molding Technologies, Inc.)
- 218683100 — CUSIP Number (Identifies Core Molding Technologies, Inc. common stock)
Key Players & Entities
- Wax Asset Management, LLC (company) — the reporting person who filed the SC 13G/A
- Core Molding Technologies, Inc. (company) — the issuer whose securities are being reported
- December 31, 2023 (date) — the date of the event requiring the filing
- 0 (dollar_amount) — number of shares with sole voting power held by Wax Asset Management, LLC
Forward-Looking Statements
- Core Molding Technologies, Inc. stock price may experience downward pressure in the short term. (Core Molding Technologies, Inc.) — medium confidence, target: 3 months
- Other institutional investors might review their positions in Core Molding Technologies, Inc. following this divestment. (institutional investors) — medium confidence, target: 6 months
FAQ
What is the purpose of this SC 13G/A filing?
This SC 13G/A filing is an amendment (Amendment No. 2) by Wax Asset Management, LLC to report changes in their beneficial ownership of Core Molding Technologies, Inc. common stock, specifically as of December 31, 2023, under Rule 13d-1(b).
Who is the reporting person in this filing?
The reporting person is Wax Asset Management, LLC, located at 44 Cherry Lane, Madison, CT, with IRS Identification No. 451499398.
What is the subject company and its CUSIP number?
The subject company is Core Molding Technologies, Inc., and the CUSIP number for its Common Stock is 218683100.
How many shares with sole voting power does Wax Asset Management, LLC now hold in Core Molding Technologies, Inc.?
As of December 31, 2023, Wax Asset Management, LLC holds 0 shares with sole voting power in Core Molding Technologies, Inc., according to the filing's cover page.
When was the event that required this filing?
The date of the event which required the filing of this statement was December 31, 2023.
Filing Stats: 999 words · 4 min read · ~3 pages · Grade level 11.4 · Accepted 2024-02-08 17:26:32
Filing Documents
- fp0087120-5_sc13ga.htm (SC 13G/A) — 39KB
- 0001398344-24-002375.txt ( ) — 40KB
Ownership
Item 4. Ownership. 12/31/23 (a) Amount beneficially owned: 0 (b) Percent of class: 0% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: Item 5. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ] Item 6. All of the shares of Common Stock set forth in Item 4 are owned by investment advisory clients of Wax Asset Management, LLC, which is deemed to be a beneficial owner of those shares pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, due to its discretionary power to make investment decisions over such shares for its clients. Investment advisory contracts also grant the Adviser voting power over the securities held in client accounts. In all cases, persons other than Wax Asset Management, LLC has the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of the shares. No individual client holds more than five percent of the class. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. Not applicable Item 8. Identification and Classification of Members of the Group. Not applicable Item 9. Notice of Dissolution of Group. Not applicable CUSIP NO. 218683100 13G Page 5 of 5 Pages Item 10. Certification. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with t