Columbus McKinnon Co. (NASDAQ:CMCO) Sees Significant Decrease in Short Interest

Posted by Defense World Staff on Mar 8th, 2023

Columbus McKinnon Co. (NASDAQ:CMCO – Get Rating) saw a large drop in short interest during the month of February. As of February 15th, there was short interest totalling 328,300 shares, a drop of 6.2% from the January 31st total of 350,000 shares. Currently, 1.2% of the company’s shares are sold short. Based on an average daily volume of 115,000 shares, the short-interest ratio is presently 2.9 days.

Institutional Trading of Columbus McKinnon

A number of institutional investors and hedge funds have recently modified their holdings of the business. Advisor Group Holdings Inc. grew its holdings in shares of Columbus McKinnon by 51.2% during the first quarter. Advisor Group Holdings Inc. now owns 2,525 shares of the industrial products company’s stock valued at $107,000 after purchasing an additional 855 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Columbus McKinnon by 31.0% in the first quarter. JPMorgan Chase & Co. now owns 144,389 shares of the industrial products company’s stock valued at $6,122,000 after purchasing an additional 34,149 shares during the period. Raymond James & Associates grew its stake in shares of Columbus McKinnon by 36.9% in the first quarter. Raymond James & Associates now owns 58,377 shares of the industrial products company’s stock worth $2,475,000 after purchasing an additional 15,730 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Columbus McKinnon by 3.6% during the first quarter. Bank of New York Mellon Corp now owns 142,741 shares of the industrial products company’s stock valued at $6,051,000 after purchasing an additional 5,017 shares during the period. Finally, US Bancorp DE raised its stake in shares of Columbus McKinnon by 27.6% during the first quarter. US Bancorp DE now owns 15,359 shares of the industrial products company’s stock valued at $651,000 after purchasing an additional 3,321 shares in the last quarter. 96.01% of the stock is owned by institutional investors and hedge funds.

Columbus McKinnon Trading Down 0.3 %

NASDAQ CMCO opened at $38.15 on Wednesday. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 23.70 and a beta of 1.23. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.15 and a quick ratio of 1.22. Columbus McKinnon has a 12 month low of $23.54 and a 12 month high of $46.54. The company’s fifty day moving average price is $36.01 and its two-hundred day moving average price is $31.80.

Columbus McKinnon (NASDAQ:CMCO – Get Rating) last issued its quarterly earnings results on Wednesday, February 1st. The industrial products company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.60 by $0.12. Columbus McKinnon had a net margin of 4.95% and a return on equity of 10.72%. The business had revenue of $230.40 million for the quarter, compared to analysts’ expectations of $228.49 million. During the same quarter last year, the company posted $0.60 earnings per share. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, research analysts predict that Columbus McKinnon will post 2.87 earnings per share for the current fiscal year.

Columbus McKinnon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 21st. Investors of record on Friday, February 10th were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.73%. The ex-dividend date was Thursday, February 9th. Columbus McKinnon’s dividend payout ratio (DPR) is presently 17.39%.

Analysts Set New Price Targets

Separately, StockNews.com raised Columbus McKinnon from a “hold” rating to a “buy” rating in a research note on Monday, November 14th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $40.00.

About Columbus McKinnon

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Columbus McKinnon Corp. engages in the design, manufacture, and marketing of material handling products and systems. Its products include hoists, chain and rigging tools, digital power control and delivery systems, actuators and rotary unions, industrial cranes, and elevator application drive systems which are distributed through STAHL, Herc-Alloy, Magnetek, Duff-Norton, Pfaff, and other brands.