Columbus McKinnon (CMCO) Downgraded by Zacks Investment Research
Columbus McKinnon (NASDAQ:CMCO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
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. “
Several other equities research analysts have also recently weighed in on the company. Roth Capital increased their price objective on Columbus McKinnon from $41.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, January 15th. BidaskClub raised Columbus McKinnon from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. ValuEngine raised Columbus McKinnon from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Seaport Global Securities reissued a “buy” rating and issued a $50.00 price objective on shares of Columbus McKinnon in a research report on Wednesday, January 10th. Finally, TheStreet cut Columbus McKinnon from a “b” rating to a “c+” rating in a research report on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $46.33.
Columbus McKinnon (NASDAQ:CMCO) last posted its quarterly earnings data on Tuesday, February 6th. The industrial products company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.13. Columbus McKinnon had a return on equity of 11.87% and a net margin of 1.10%. The company had revenue of $208.73 million during the quarter, compared to analysts’ expectations of $201.08 million. During the same period in the prior year, the business earned $0.25 earnings per share. Columbus McKinnon’s revenue for the quarter was up 36.9% compared to the same quarter last year. sell-side analysts anticipate that Columbus McKinnon will post 2 EPS for the current fiscal year.
In related news, VP Alan S. Korman sold 1,558 shares of the company’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $40.10, for a total value of $62,475.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mark R. Paradowski sold 3,906 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $39.96, for a total value of $156,083.76. The disclosure for this sale can be found here. Insiders sold 6,225 shares of company stock valued at $247,918 over the last 90 days. 3.91% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its stake in shares of Columbus McKinnon by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 16,336 shares of the industrial products company’s stock valued at $415,000 after purchasing an additional 414 shares in the last quarter. Teachers Advisors LLC raised its stake in Columbus McKinnon by 2.9% during the second quarter. Teachers Advisors LLC now owns 35,886 shares of the industrial products company’s stock worth $912,000 after acquiring an additional 1,009 shares in the last quarter. Voya Investment Management LLC raised its stake in Columbus McKinnon by 10.8% during the second quarter. Voya Investment Management LLC now owns 12,389 shares of the industrial products company’s stock worth $315,000 after acquiring an additional 1,208 shares in the last quarter. Susquehanna International Group LLP raised its stake in Columbus McKinnon by 2.8% during the third quarter. Susquehanna International Group LLP now owns 47,111 shares of the industrial products company’s stock worth $1,784,000 after acquiring an additional 1,280 shares in the last quarter. Finally, US Bancorp DE raised its stake in Columbus McKinnon by 6.0% during the fourth quarter. US Bancorp DE now owns 26,481 shares of the industrial products company’s stock worth $1,058,000 after acquiring an additional 1,493 shares in the last quarter. Institutional investors and hedge funds own 84.63% of the company’s stock.
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About Columbus McKinnon
Columbus McKinnon Corporation is a global designer, manufacturer and marketer of hoists, actuators, cranes, rigging tools, digital power control systems, and other material handling products serving various commercial and industrial end user markets. The Company’s products include various 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; power and motion control systems, such as alternate current (AC) and direct current (DC) drive systems, radio remote controls, push button pendant stations, brakes, and collision avoidance and power delivery subsystems.
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