Columbus McKinnon Co. (NASDAQ:CMCO) was the recipient of a significant decline in short interest during the month of October. As of October 29th, there was short interest totalling 389,500 shares, a decline of 19.4% from the October 14th total of 483,300 shares. Based on an average daily volume of 137,400 shares, the days-to-cover ratio is currently 2.8 days. Currently, 1.4% of the company’s shares are short sold.
CMCO opened at $49.19 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.10 and a current ratio of 1.72. The stock has a market capitalization of $1.40 billion, a P/E ratio of 53.47, a P/E/G ratio of 1.06 and a beta of 1.21. The company’s 50-day simple moving average is $48.69 and its two-hundred day simple moving average is $47.96. Columbus McKinnon has a 52-week low of $35.50 and a 52-week high of $57.06.
Columbus McKinnon (NASDAQ:CMCO) last posted its earnings results on Wednesday, October 27th. The industrial products company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.02. Columbus McKinnon had a net margin of 3.05% and a return on equity of 9.40%. The business had revenue of $223.60 million during the quarter, compared to the consensus estimate of $228.41 million. During the same quarter in the previous year, the firm posted $0.34 EPS. The firm’s revenue was up 41.7% on a year-over-year basis. Research analysts forecast that Columbus McKinnon will post 2.76 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, November 15th. Shareholders of record on Friday, November 5th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Thursday, November 4th. Columbus McKinnon’s dividend payout ratio is 26.09%.
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In other Columbus McKinnon news, VP Mark R. Paradowski sold 7,537 shares of the company’s stock in a transaction that occurred on Monday, November 8th. The stock was sold at an average price of $53.20, for a total transaction of $400,968.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Gregory P. Rustowicz sold 7,607 shares of Columbus McKinnon stock in a transaction on Friday, November 5th. The shares were sold at an average price of $53.04, for a total transaction of $403,475.28. The disclosure for this sale can be found here. Insiders sold 31,534 shares of company stock valued at $1,656,888 in the last quarter. Corporate insiders own 2.14% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. lifted its holdings in Columbus McKinnon by 12.4% in the second quarter. Ameritas Investment Partners Inc. now owns 2,183 shares of the industrial products company’s stock valued at $105,000 after acquiring an additional 240 shares during the period. Metropolitan Life Insurance Co NY increased its holdings in Columbus McKinnon by 3.7% during the third quarter. Metropolitan Life Insurance Co NY now owns 7,646 shares of the industrial products company’s stock valued at $370,000 after buying an additional 274 shares during the last quarter. Sei Investments Co. raised its position in Columbus McKinnon by 0.3% in the second quarter. Sei Investments Co. now owns 90,549 shares of the industrial products company’s stock worth $4,368,000 after acquiring an additional 292 shares during the period. First Republic Investment Management Inc. boosted its stake in shares of Columbus McKinnon by 3.3% during the 3rd quarter. First Republic Investment Management Inc. now owns 14,644 shares of the industrial products company’s stock worth $708,000 after acquiring an additional 465 shares during the last quarter. Finally, Ziegler Capital Management LLC grew its position in shares of Columbus McKinnon by 2.1% during the 2nd quarter. Ziegler Capital Management LLC now owns 22,679 shares of the industrial products company’s stock valued at $1,094,000 after acquiring an additional 469 shares during the period. 96.43% of the stock is currently owned by institutional investors.
Several equities analysts have recently weighed in on CMCO shares. TheStreet upgraded Columbus McKinnon from a “c+” rating to a “b+” rating in a report on Thursday, October 28th. Zacks Investment Research upgraded shares of Columbus McKinnon from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Colliers Securities reiterated a “buy” rating on shares of Columbus McKinnon in a research note on Friday, July 30th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Columbus McKinnon has a consensus rating of “Buy” and an average target price of $61.60.
About Columbus McKinnon
Columbus McKinnon Corp. engages in the designing, manufacturing, 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.
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