Columbus McKinnon (NASDAQ:CMCO) Upgraded at Zacks Research

Zacks Research upgraded shares of Columbus McKinnon (NASDAQ:CMCO) from a strong sell rating to a strong-buy rating in a report issued on Monday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Columbus McKinnon from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 22nd. DA Davidson set a $20.00 target price on shares of Columbus McKinnon in a research report on Thursday, February 12th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Columbus McKinnon from $29.00 to $27.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 18th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Columbus McKinnon has an average rating of “Moderate Buy” and an average target price of $23.50.

Columbus McKinnon Price Performance

Columbus McKinnon stock opened at $15.13 on Monday. Columbus McKinnon has a 12-month low of $12.50 and a 12-month high of $24.40. The stock has a market capitalization of $434.84 million, a P/E ratio of 72.05 and a beta of 1.39. The firm’s 50-day moving average is $17.10 and its two-hundred day moving average is $17.12. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.83 and a quick ratio of 0.99.

Columbus McKinnon (NASDAQ:CMCO) last released its quarterly earnings results on Monday, February 9th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. Columbus McKinnon had a net margin of 0.60% and a return on equity of 7.41%. The company had revenue of $258.66 million for the quarter, compared to analysts’ expectations of $241.60 million. During the same period last year, the company earned $0.56 EPS. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. Equities analysts predict that Columbus McKinnon will post 2.69 earnings per share for the current year.

Columbus McKinnon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 11th. Shareholders of record on Friday, May 1st will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, May 1st. Columbus McKinnon’s payout ratio is 133.33%.

Insiders Place Their Bets

In other Columbus McKinnon news, insider Jon Adams sold 5,185 shares of Columbus McKinnon stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $23.28, for a total transaction of $120,706.80. Following the transaction, the insider directly owned 9,366 shares of the company’s stock, valued at $218,040.48. The trade was a 35.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.26% of the stock is currently owned by company insiders.

Institutional Trading of Columbus McKinnon

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Columbus McKinnon by 3.4% during the third quarter. Vanguard Group Inc. now owns 1,873,995 shares of the industrial products company’s stock valued at $26,873,000 after purchasing an additional 62,267 shares during the period. Invesco Ltd. raised its stake in shares of Columbus McKinnon by 0.4% during the fourth quarter. Invesco Ltd. now owns 1,457,095 shares of the industrial products company’s stock valued at $25,135,000 after purchasing an additional 5,210 shares during the period. AQR Capital Management LLC raised its stake in shares of Columbus McKinnon by 76.8% during the fourth quarter. AQR Capital Management LLC now owns 1,108,462 shares of the industrial products company’s stock valued at $19,121,000 after purchasing an additional 481,470 shares during the period. Millennium Management LLC raised its stake in shares of Columbus McKinnon by 80.3% during the third quarter. Millennium Management LLC now owns 850,951 shares of the industrial products company’s stock valued at $12,203,000 after purchasing an additional 379,096 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC raised its stake in shares of Columbus McKinnon by 100.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 829,875 shares of the industrial products company’s stock valued at $11,900,000 after purchasing an additional 415,275 shares during the period. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Columbus McKinnon Company Profile

Columbus McKinnon Corporation is a global designer, manufacturer and marketer of material handling systems and solutions. The company’s product portfolio spans electric and manual hoists, motorized and manual chain and wire rope hoists, end-of-arm tooling, rigging hardware, trolleys and controls. Through its brands, Columbus McKinnon serves customers across a wide range of end markets including manufacturing, warehousing, construction, and energy, providing equipment for lifting, positioning and flow control applications.

With a focus on safety and productivity, Columbus McKinnon integrates advanced technologies such as automation controls, digital load monitoring and Internet-of-Things connectivity into its hoist and crane systems.