Columbus McKinnon Co. Forecasted to Post Q2 2023 Earnings of $0.76 Per Share (NASDAQ:CMCO)

Columbus McKinnon Co. (NASDAQ:CMCOGet Rating) – Stock analysts at DA Davidson issued their Q2 2023 EPS estimates for shares of Columbus McKinnon in a note issued to investors on Monday, August 1st. DA Davidson analyst M. Summerville anticipates that the industrial products company will post earnings per share of $0.76 for the quarter. The consensus estimate for Columbus McKinnon’s current full-year earnings is $2.98 per share. DA Davidson also issued estimates for Columbus McKinnon’s FY2023 earnings at $3.07 EPS and FY2024 earnings at $3.50 EPS.

A number of other research firms have also issued reports on CMCO. JPMorgan Chase & Co. lowered shares of Columbus McKinnon from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $64.00 to $37.00 in a research note on Thursday, May 26th. Craig Hallum lowered shares of Columbus McKinnon from a “buy” rating to a “hold” rating and lowered their target price for the company from $60.00 to $35.00 in a research note on Wednesday, May 25th. Finally, Barrington Research reiterated a “maintains” rating on shares of Columbus McKinnon in a research note on Friday, July 29th. Three investment analysts have rated the stock with a hold rating, According to data from MarketBeat, Columbus McKinnon currently has a consensus rating of “Hold” and a consensus target price of $41.25.

Columbus McKinnon Stock Down 0.3 %

Columbus McKinnon stock opened at $32.61 on Tuesday. The company has a market capitalization of $933.30 million, a P/E ratio of 20.77, a P/E/G ratio of 0.41 and a beta of 1.24. The firm’s fifty day simple moving average is $30.69 and its 200-day simple moving average is $37.59. The company has a current ratio of 2.02, a quick ratio of 1.16 and a debt-to-equity ratio of 0.59. Columbus McKinnon has a 1-year low of $26.42 and a 1-year high of $54.20.

Columbus McKinnon (NASDAQ:CMCOGet Rating) last released its quarterly earnings results on Wednesday, May 25th. The industrial products company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.01. The business had revenue of $253.40 million for the quarter, compared to the consensus estimate of $235.33 million. Columbus McKinnon had a net margin of 4.96% and a return on equity of 10.76%. Columbus McKinnon’s revenue for the quarter was up 36.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 EPS.

Hedge Funds Weigh In On Columbus McKinnon

A number of hedge funds and other institutional investors have recently made changes to their positions in CMCO. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Columbus McKinnon by 112.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,361 shares of the industrial products company’s stock worth $248,000 after acquiring an additional 2,843 shares during the period. Oppenheimer Asset Management Inc. bought a new position in shares of Columbus McKinnon during the 4th quarter worth about $661,000. Advisor Group Holdings Inc. lifted its holdings in shares of Columbus McKinnon by 184.5% during the 4th quarter. Advisor Group Holdings Inc. now owns 1,670 shares of the industrial products company’s stock worth $78,000 after acquiring an additional 1,083 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Columbus McKinnon by 440.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 61,996 shares of the industrial products company’s stock worth $2,868,000 after acquiring an additional 50,520 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of Columbus McKinnon by 0.7% during the 4th quarter. Victory Capital Management Inc. now owns 1,318,294 shares of the industrial products company’s stock worth $60,984,000 after acquiring an additional 8,642 shares during the period. 97.70% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Columbus McKinnon news, insider Kurt F. Wozniak sold 10,778 shares of the firm’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $34.24, for a total value of $369,038.72. Following the sale, the insider now directly owns 25,725 shares in the company, valued at approximately $880,824. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.18% of the company’s stock.

Columbus McKinnon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Friday, August 5th will be given a $0.07 dividend. The ex-dividend date is Thursday, August 4th. This represents a $0.28 annualized dividend and a yield of 0.86%. Columbus McKinnon’s dividend payout ratio is 17.83%.

About Columbus McKinnon

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Columbus McKinnon Corporation designs, manufactures, and markets intelligent motion solutions to ergonomically move, lift, position, and secure materials worldwide. The company offers electric, air-powered, lever, and hand hoists; hoist trolleys, explosion-protected and custom engineered hoists, and winches; crane systems, such as crane components and kits, enclosed track rail systems, mobile and jib cranes, and fall protection systems, as well as material handling solutions; rigging equipment comprising below-the-hook lifting devices, shackles, chains and chains accessories, forestry and hand tools, lifting slings, lashing systems, and tie-downs and load binders; rotary unions and swivel joints; and mechanical and electromechanical actuators.

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Earnings History and Estimates for Columbus McKinnon (NASDAQ:CMCO)

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