Zacks Investment Research downgraded shares of Columbus McKinnon (NASDAQ:CMCO) from a buy rating to a hold rating in a research note released on Tuesday morning, Zacks.com reports.
According to Zacks, “Columbus McKinnon, is a broad-line designer, manufacturer and supplier of sophisticated material handling products and integrated material handling solutions that are widely distributed to industrial and consumer markets worldwide. The Company’s material handling products are sold, omestically and internationally, principally to third party distributors and, to a lesser extent, directly to manufacturers and other end-users. The Company’s integrated material handling solutions businesses deal directly with end-users. “
A number of other analysts have also weighed in on CMCO. Barrington Research began coverage on shares of Columbus McKinnon in a report on Tuesday, December 17th. They set an outperform rating and a $50.00 target price for the company. BidaskClub lowered shares of Columbus McKinnon from a hold rating to a sell rating in a report on Wednesday, December 25th. Dougherty & Co reiterated a buy rating on shares of Columbus McKinnon in a report on Friday, November 8th. Finally, ValuEngine upgraded shares of Columbus McKinnon from a sell rating to a hold rating in a report on Wednesday, January 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $46.00.
NASDAQ CMCO opened at $34.99 on Tuesday. The company has a 50-day simple moving average of $38.68 and a two-hundred day simple moving average of $37.70. The company has a quick ratio of 1.05, a current ratio of 1.73 and a debt-to-equity ratio of 0.44. Columbus McKinnon has a 12-month low of $30.76 and a 12-month high of $43.09. The firm has a market cap of $844.46 million, a price-to-earnings ratio of 15.41, a PEG ratio of 1.25 and a beta of 1.74.
Columbus McKinnon (NASDAQ:CMCO) last posted its quarterly earnings results on Thursday, November 7th. The industrial products company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.05. The business had revenue of $207.60 million during the quarter, compared to analyst estimates of $206.68 million. Columbus McKinnon had a net margin of 6.34% and a return on equity of 15.40%. The company’s revenue was down 4.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 earnings per share. Equities analysts expect that Columbus McKinnon will post 2.86 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Friday, February 7th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, February 6th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.69%. Columbus McKinnon’s dividend payout ratio is currently 8.76%.
In related news, VP Kurt F. Wozniak sold 6,989 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $39.64, for a total value of $277,043.96. Following the completion of the transaction, the vice president now directly owns 37,896 shares of the company’s stock, valued at $1,502,197.44. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Peter M. Mccormick sold 4,361 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $41.63, for a total transaction of $181,548.43. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,503 shares of company stock valued at $738,459. 2.39% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. First Mercantile Trust Co. raised its stake in Columbus McKinnon by 11.6% in the third quarter. First Mercantile Trust Co. now owns 3,278 shares of the industrial products company’s stock worth $119,000 after buying an additional 340 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Columbus McKinnon by 59.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,557 shares of the industrial products company’s stock worth $57,000 after buying an additional 580 shares in the last quarter. California State Teachers Retirement System raised its stake in Columbus McKinnon by 2.4% in the third quarter. California State Teachers Retirement System now owns 35,911 shares of the industrial products company’s stock worth $1,308,000 after buying an additional 830 shares in the last quarter. Emerald Advisers LLC bought a new position in Columbus McKinnon in the fourth quarter worth about $44,000. Finally, Rhumbline Advisers raised its stake in Columbus McKinnon by 4.2% in the third quarter. Rhumbline Advisers now owns 33,996 shares of the industrial products company’s stock worth $1,238,000 after buying an additional 1,379 shares in the last quarter. 98.92% of the stock is owned by institutional investors.
Columbus McKinnon Company Profile
Columbus McKinnon Corporation designs, manufactures, and markets hoists, actuators, cranes, rigging tools, digital power control systems, and other material handling products for commercial and industrial applications worldwide. It offers various electric chain hoists, electric wire rope hoists, hand-operated hoists, winches, lever tools, and air-powered hoists under the Budgit, Chester, CM, Coffing, Little Mule, Pfaff, Shaw-Box, Yale, STAHL, and other brands; below-the-hook tooling, clamps, and textile strappings; and explosion-protected hoists, as well as supplies hoist trolleys.
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