Zacks Investment Research upgraded shares of Columbus McKinnon (NASDAQ:CMCO) from a sell rating to a hold rating in a research note released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $43.00 price objective on the industrial products company’s stock.
According to Zacks, “Columbus McKinnon, is a broad-line designer, manufacturer and supplier of sophisticated material handling products and integrated material handling solutions that are widely distributed to industrial and consumer markets worldwide. The Company’s material handling products are sold, omestically and internationally, principally to third party distributors and, to a lesser extent, directly to manufacturers and other end-users. The Company’s integrated material handling solutions businesses deal directly with end-users. “
Other analysts have also recently issued reports about the stock. ValuEngine raised shares of Columbus McKinnon from a sell rating to a hold rating in a research note on Wednesday, April 3rd. BidaskClub cut shares of Columbus McKinnon from a hold rating to a sell rating in a research note on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. Columbus McKinnon has an average rating of Hold and an average target price of $45.75.
Columbus McKinnon (NASDAQ:CMCO) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $0.81 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.04. The firm had revenue of $212.70 million during the quarter, compared to analysts’ expectations of $214.84 million. Columbus McKinnon had a net margin of 4.86% and a return on equity of 15.41%. The company’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.74 earnings per share. As a group, research analysts expect that Columbus McKinnon will post 3 earnings per share for the current year.
The business also recently announced 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. The ex-dividend date is Thursday, August 8th. This represents a $0.24 annualized dividend and a yield of 0.65%. Columbus McKinnon’s payout ratio is 8.76%.
In related news, CFO Gregory P. Rustowicz sold 11,942 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $38.92, for a total transaction of $464,782.64. Following the completion of the transaction, the chief financial officer now directly owns 63,100 shares of the company’s stock, valued at $2,455,852. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Peter M. Mccormick sold 11,415 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $38.75, for a total transaction of $442,331.25. Following the transaction, the vice president now directly owns 67,050 shares of the company’s stock, valued at $2,598,187.50. The disclosure for this sale can be found here. Insiders have sold 36,847 shares of company stock valued at $1,417,153 over the last ninety days. 2.39% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of CMCO. BlackRock Inc. raised its position in Columbus McKinnon by 1.0% in the 4th quarter. BlackRock Inc. now owns 1,568,705 shares of the industrial products company’s stock valued at $47,281,000 after purchasing an additional 15,668 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Columbus McKinnon by 4.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,573,627 shares of the industrial products company’s stock valued at $47,429,000 after purchasing an additional 60,612 shares during the last quarter. Geode Capital Management LLC raised its position in Columbus McKinnon by 7.5% in the 4th quarter. Geode Capital Management LLC now owns 245,917 shares of the industrial products company’s stock valued at $7,411,000 after purchasing an additional 17,099 shares during the last quarter. Two Sigma Investments LP bought a new position in Columbus McKinnon in the 4th quarter valued at $1,733,000. Finally, Squarepoint Ops LLC raised its position in Columbus McKinnon by 59.4% in the 4th quarter. Squarepoint Ops LLC now owns 9,564 shares of the industrial products company’s stock valued at $288,000 after purchasing an additional 3,564 shares during the last quarter. 98.89% of the stock is owned by institutional investors.
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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