Columbus McKinnon Corp. (CMCO) Rating Increased to Buy at Zacks Investment Research
Columbus McKinnon Corp. (NASDAQ:CMCO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm currently has a $19.00 price target on the stock. Zacks Investment Research’s target price points to a potential upside of 7.34% from the company’s current price.
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. “
Columbus McKinnon Corp. (NASDAQ:CMCO) opened at 17.70 on Monday. The company has a 50-day moving average of $17.37 and a 200 day moving average of $15.98. Columbus McKinnon Corp. has a 12 month low of $12.62 and a 12 month high of $21.63. The company has a market cap of $357.45 million, a PE ratio of 18.83 and a beta of 2.16.
Columbus McKinnon Corp. (NASDAQ:CMCO) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.03. The business earned $149 million during the quarter, compared to the consensus estimate of $148.52 million. Columbus McKinnon Corp. had a net margin of 3.13% and a return on equity of 10.20%. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.34 earnings per share. On average, equities analysts forecast that Columbus McKinnon Corp. will post $1.42 earnings per share for the current fiscal year.
In other Columbus McKinnon Corp. news, VP Alan S. Korman sold 2,000 shares of the business’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $17.91, for a total value of $35,820.00. Following the completion of the sale, the vice president now directly owns 16,142 shares of the company’s stock, valued at $289,103.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.78% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the company. Macquarie Group Ltd. increased its stake in Columbus McKinnon Corp. by 23.5% in the second quarter. Macquarie Group Ltd. now owns 882,563 shares of the company’s stock valued at $12,488,000 after buying an additional 167,930 shares in the last quarter. Skyline Asset Management LP increased its position in shares of Columbus McKinnon Corp. by 41.0% in the first quarter. Skyline Asset Management LP now owns 570,650 shares of the company’s stock valued at $8,993,000 after buying an additional 166,000 shares during the period. Emerald Acquisition Ltd. purchased a new position in shares of Columbus McKinnon Corp. during the second quarter valued at approximately $2,239,000. Royce & Associates LP increased its position in shares of Columbus McKinnon Corp. by 44.6% in the second quarter. Royce & Associates LP now owns 483,436 shares of the company’s stock valued at $6,841,000 after buying an additional 149,102 shares during the period. Finally, Price Michael F increased its position in shares of Columbus McKinnon Corp. by 98.2% in the first quarter. Price Michael F now owns 155,000 shares of the company’s stock valued at $2,443,000 after buying an additional 76,810 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.
About Columbus McKinnon Corp.
Columbus McKinnon Corporation is a global designer, manufacturer and marketer of hoists, rigging tools, cranes, actuators and other material handling products serving a range of commercial and industrial end user markets. The Company’s products include a range of electric, air-powered, lever and hand hoists, hoist trolleys, winches, industrial crane systems, such as steel bridge, gantry and jib cranes and aluminum work station cranes; alloy and carbon steel chain; forged attachments, such as hooks, shackles, textile slings, clamps, logging tools and load binders; mechanical and electromechanical actuators and rotary unions; below-the-hook special purpose lifters, and tire shredders.
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