Corebridge Financial Inc. Cuts Stock Position in Columbus McKinnon Co. (NASDAQ:CMCO)

Corebridge Financial Inc. trimmed its position in shares of Columbus McKinnon Co. (NASDAQ:CMCO) by 7.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,127 shares of the industrial products company’s stock after selling 1,066 shares during the quarter. Corebridge Financial Inc.’s holdings in Columbus McKinnon were worth $526,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Verition Fund Management LLC lifted its position in Columbus McKinnon by 72.8% during the third quarter. Verition Fund Management LLC now owns 20,693 shares of the industrial products company’s stock valued at $745,000 after acquiring an additional 8,717 shares during the last quarter. Barclays PLC lifted its holdings in shares of Columbus McKinnon by 214.6% during the 3rd quarter. Barclays PLC now owns 52,987 shares of the industrial products company’s stock valued at $1,907,000 after purchasing an additional 36,147 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Columbus McKinnon by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 687,852 shares of the industrial products company’s stock worth $24,767,000 after purchasing an additional 10,581 shares in the last quarter. Meros Investment Management LP grew its stake in Columbus McKinnon by 30.1% during the 3rd quarter. Meros Investment Management LP now owns 276,506 shares of the industrial products company’s stock worth $9,954,000 after buying an additional 63,914 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its position in Columbus McKinnon by 8.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,003,751 shares of the industrial products company’s stock valued at $36,135,000 after buying an additional 74,831 shares in the last quarter. 95.96% of the stock is currently owned by institutional investors.

Columbus McKinnon Stock Performance

Shares of CMCO opened at $12.88 on Wednesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.10 and a current ratio of 2.03. The stock has a 50-day moving average of $20.57 and a two-hundred day moving average of $30.75. The stock has a market cap of $368.54 million, a P/E ratio of 39.03 and a beta of 1.26. Columbus McKinnon Co. has a one year low of $12.70 and a one year high of $45.84.

Columbus McKinnon (NASDAQ:CMCO) last released its earnings results on Monday, February 10th. The industrial products company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.18). Columbus McKinnon had a return on equity of 8.64% and a net margin of 0.95%. As a group, research analysts predict that Columbus McKinnon Co. will post 2.69 EPS for the current year.

Columbus McKinnon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Friday, May 2nd will be paid a $0.07 dividend. The ex-dividend date is Friday, May 2nd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.17%. Columbus McKinnon’s payout ratio is currently 84.85%.

Insider Buying and Selling

In related news, Director Christopher J. Stephens purchased 5,000 shares of Columbus McKinnon stock in a transaction that occurred on Thursday, February 13th. The stock was bought at an average cost of $20.27 per share, for a total transaction of $101,350.00. Following the completion of the transaction, the director now owns 11,014 shares in the company, valued at $223,253.78. The trade was a 83.14 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Chad R. Abraham acquired 20,000 shares of the stock in a transaction on Monday, March 3rd. The stock was bought at an average price of $16.05 per share, for a total transaction of $321,000.00. Following the transaction, the director now owns 20,000 shares in the company, valued at approximately $321,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 27,819 shares of company stock valued at $473,064 over the last 90 days. Insiders own 1.98% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. DA Davidson restated a “neutral” rating and set a $35.00 price target on shares of Columbus McKinnon in a research note on Tuesday, February 18th. StockNews.com downgraded shares of Columbus McKinnon from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th.

Columbus McKinnon Profile

Columbus McKinnon Corporation designs, manufactures, and markets motion solutions for moving, lifting, positioning, and securing materials worldwide. It offers manual, battery, electric, and air hoists; steel, rack, and pinion jacks; winches, hydraulic jacks and tools, trolleys and its clamps, and lifting tables; skates and heavy load moving systems; material handling equipment; mobile, workplace, and jib cranes; crane components and kits; and below-the-hook lifting devices, lifting slings, and lashing systems.