Columbus McKinnon (NASDAQ:CMCO) Upgraded by Wall Street Zen to “Strong-Buy” Rating

Columbus McKinnon (NASDAQ:CMCO) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

A number of other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of Columbus McKinnon from $29.00 to $27.00 and set an “overweight” rating for the company in a research note on Wednesday, February 18th. Zacks Research cut shares of Columbus McKinnon from a “hold” rating to a “strong sell” rating in a research note on Friday, February 13th. DA Davidson set a $20.00 target price on shares of Columbus McKinnon in a research report on Thursday, February 12th. Finally, CJS Securities raised Columbus McKinnon to a “strong-buy” rating in a research note on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $23.50.

Columbus McKinnon Trading Down 4.6%

Shares of CMCO opened at $14.65 on Friday. The stock’s fifty day simple moving average is $19.77 and its 200-day simple moving average is $17.15. The firm has a market capitalization of $421.04 million, a PE ratio of 69.76 and a beta of 1.32. Columbus McKinnon has a 12-month low of $11.78 and a 12-month high of $24.40. The company has a quick ratio of 0.99, a current ratio of 1.83 and a debt-to-equity ratio of 0.43.

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

Insider Buying and Selling

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 value of $120,706.80. Following the transaction, the insider owned 9,366 shares of the company’s stock, valued at approximately $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 available through the SEC website. Company insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Columbus McKinnon

Several large investors have recently made changes to their positions in the stock. Marshall Wace LLP lifted its position in Columbus McKinnon by 698.6% in the 3rd quarter. Marshall Wace LLP now owns 726,772 shares of the industrial products company’s stock valued at $10,422,000 after acquiring an additional 635,770 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Columbus McKinnon during the 3rd quarter worth about $8,040,000. AQR Capital Management LLC raised its stake in shares of Columbus McKinnon by 76.8% in the 4th 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. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Columbus McKinnon by 100.2% in 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 in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Columbus McKinnon by 80.3% in 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 in the last quarter. 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.