Columbus McKinnon (NASDAQ:CMCO) Downgraded by ValuEngine to “Sell”

ValuEngine lowered shares of Columbus McKinnon (NASDAQ:CMCO) from a hold rating to a sell rating in a research note released on Thursday morning, ValuEngine reports.

A number of other brokerages have also recently weighed in on CMCO. Zacks Investment Research upgraded shares of Columbus McKinnon from a sell rating to a hold rating and set a $43.00 price objective on the stock in a research note on Tuesday. BidaskClub cut shares of Columbus McKinnon from a hold rating to a sell rating in a research note on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Columbus McKinnon currently has a consensus rating of Hold and a consensus target price of $45.75.

Shares of CMCO traded up $0.30 during midday trading on Thursday, hitting $37.05. 144,561 shares of the stock traded hands, compared to its average volume of 126,662. Columbus McKinnon has a 1-year low of $27.66 and a 1-year high of $44.01. The company has a market capitalization of $875.12 million, a price-to-earnings ratio of 13.52 and a beta of 1.75. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.75 and a quick ratio of 1.02. The company’s 50 day simple moving average is $40.39.

Columbus McKinnon (NASDAQ:CMCO) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.04. Columbus McKinnon had a net margin of 6.19% and a return on equity of 15.44%. The business had revenue of $212.70 million for the quarter, compared to analysts’ expectations of $214.84 million. During the same period in the previous year, the business earned $0.74 earnings per share. The company’s revenue was down 5.5% on a year-over-year basis. As a group, equities analysts forecast that Columbus McKinnon will post 3 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 19th. Investors of record on Friday, August 9th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date of this dividend is Thursday, August 8th. Columbus McKinnon’s dividend payout ratio is currently 8.76%.

In other Columbus McKinnon news, CFO Gregory P. Rustowicz sold 11,942 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $38.92, for a total value of $464,782.64. Following the sale, the chief financial officer now directly owns 63,100 shares in the company, valued at $2,455,852. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Peter M. Mccormick sold 5,990 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $36.63, for a total transaction of $219,413.70. Following the completion of the sale, the vice president now owns 75,040 shares in the company, valued at $2,748,715.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,847 shares of company stock worth $1,417,153. Company insiders own 2.39% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. Swiss National Bank raised its position in Columbus McKinnon by 7.8% in the second quarter. Swiss National Bank now owns 41,311 shares of the industrial products company’s stock worth $1,734,000 after acquiring an additional 3,000 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in Columbus McKinnon in the second quarter worth about $353,000. FMR LLC raised its position in Columbus McKinnon by 35.8% in the first quarter. FMR LLC now owns 636,200 shares of the industrial products company’s stock worth $21,853,000 after acquiring an additional 167,700 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in Columbus McKinnon in the first quarter worth about $156,000. Finally, Punch & Associates Investment Management Inc. raised its position in Columbus McKinnon by 4.0% in the first quarter. Punch & Associates Investment Management Inc. now owns 373,737 shares of the industrial products company’s stock worth $12,838,000 after acquiring an additional 14,531 shares in the last quarter. Hedge funds and other institutional investors own 98.89% of the company’s stock.

Columbus McKinnon Company Profile

Columbus McKinnon Corporation designs, manufactures, and markets hoists, actuators, cranes, rigging tools, digital power control systems, and other material handling products for commercial and industrial applications worldwide. It offers various electric chain hoists, electric wire rope hoists, hand-operated hoists, winches, lever tools, and air-powered hoists under the Budgit, Chester, CM, Coffing, Little Mule, Pfaff, Shaw-Box, Yale, STAHL, and other brands; below-the-hook tooling, clamps, and textile strappings; and explosion-protected hoists, as well as supplies hoist trolleys.

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