Columbus McKinnon (NASDAQ:CMCO) Upgraded to “Strong-Buy” at StockNews.com

StockNews.com upgraded shares of Columbus McKinnon (NASDAQ:CMCO – Get Rating) from a buy rating to a strong-buy rating in a report published on Tuesday morning.

Columbus McKinnon Trading Up 2.6 %

CMCO opened at $37.04 on Tuesday. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 23.01 and a beta of 1.23. The company has a current ratio of 2.15, a quick ratio of 1.22 and a debt-to-equity ratio of 0.54. Columbus McKinnon has a 12 month low of $23.54 and a 12 month high of $46.54. The stock has a fifty day moving average price of $36.40 and a 200-day moving average price of $31.92.

Columbus McKinnon (NASDAQ:CMCO – Get Rating) last released 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. The firm had revenue of $230.40 million during the quarter, compared to analyst estimates of $228.49 million. Columbus McKinnon had a return on equity of 10.72% and a net margin of 4.95%. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.60 EPS. As a group, equities research analysts anticipate that Columbus McKinnon will post 2.87 earnings per share for the current fiscal year.

Columbus McKinnon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 21st. Investors of record on Friday, February 10th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.76%. The ex-dividend date was Thursday, February 9th. Columbus McKinnon’s dividend payout ratio is currently 17.39%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Eagle Asset Management Inc. increased its position in Columbus McKinnon by 0.6% during the 2nd quarter. Eagle Asset Management Inc. now owns 61,743 shares of the industrial products company’s stock valued at $1,751,000 after buying an additional 344 shares in the last quarter. Fisher Asset Management LLC acquired a new position in Columbus McKinnon during the 3rd quarter valued at about $843,000. Lord Abbett & CO. LLC grew its stake in Columbus McKinnon by 3.2% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,284,924 shares of the industrial products company’s stock valued at $33,614,000 after purchasing an additional 40,265 shares during the last quarter. First Republic Investment Management Inc. grew its stake in Columbus McKinnon by 12.8% during the 3rd quarter. First Republic Investment Management Inc. now owns 26,829 shares of the industrial products company’s stock valued at $702,000 after purchasing an additional 3,039 shares during the last quarter. Finally, Raymond James & Associates grew its stake in Columbus McKinnon by 0.8% during the 3rd quarter. Raymond James & Associates now owns 58,498 shares of the industrial products company’s stock valued at $1,530,000 after purchasing an additional 457 shares during the last quarter. 96.01% of the stock is owned by institutional investors and hedge funds.

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.