Columbus McKinnon (CMCO) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Columbus McKinnon (NASDAQ:CMCO) from a hold rating to a buy rating in a report released on Wednesday morning. Zacks Investment Research currently has $40.00 target price on the industrial products company’s stock.
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. “
Other equities research analysts have also issued research reports about the stock. Seaport Global Securities reiterated a buy rating and issued a $50.00 price objective on shares of Columbus McKinnon in a research note on Wednesday, January 10th. TheStreet lowered shares of Columbus McKinnon from a b rating to a c+ rating in a research note on Tuesday, February 6th. ValuEngine upgraded shares of Columbus McKinnon from a hold rating to a buy rating in a research note on Friday, February 2nd. BidaskClub lowered shares of Columbus McKinnon from a sell rating to a strong sell rating in a research note on Thursday, February 8th. Finally, Roth Capital raised their price target on shares of Columbus McKinnon from $41.00 to $50.00 and gave the stock a buy rating in a research note on Monday, January 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Columbus McKinnon has an average rating of Hold and a consensus price target of $46.67.
Columbus McKinnon (NASDAQ:CMCO) last posted its quarterly earnings data on Tuesday, February 6th. The industrial products company reported $0.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.13. The firm had revenue of $208.73 million during the quarter, compared to analyst estimates of $201.08 million. Columbus McKinnon had a net margin of 1.10% and a return on equity of 11.87%. The company’s revenue for the quarter was up 36.9% on a year-over-year basis. During the same quarter last year, the business posted $0.25 EPS. equities research analysts forecast that Columbus McKinnon will post 2 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, February 20th. Stockholders of record on Friday, February 9th were paid a dividend of $0.04 per share. The ex-dividend date was Thursday, February 8th. This represents a $0.16 annualized dividend and a dividend yield of 0.44%. Columbus McKinnon’s payout ratio is currently 43.24%.
In other news, VP Alan S. Korman sold 1,558 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $40.10, for a total transaction of $62,475.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 2,319 shares of company stock valued at $91,835. 3.91% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in shares of Columbus McKinnon by 5.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,445,148 shares of the industrial products company’s stock worth $54,728,000 after purchasing an additional 71,980 shares during the last quarter. Macquarie Group Ltd. increased its stake in shares of Columbus McKinnon by 9.1% during the 4th quarter. Macquarie Group Ltd. now owns 1,063,241 shares of the industrial products company’s stock worth $42,508,000 after purchasing an additional 88,613 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Columbus McKinnon by 5.3% during the 2nd quarter. Vanguard Group Inc. now owns 820,712 shares of the industrial products company’s stock worth $20,863,000 after purchasing an additional 41,410 shares during the last quarter. Northern Trust Corp increased its stake in shares of Columbus McKinnon by 8.7% during the 2nd quarter. Northern Trust Corp now owns 495,033 shares of the industrial products company’s stock worth $12,585,000 after purchasing an additional 39,578 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Columbus McKinnon by 6.0% during the 2nd quarter. State Street Corp now owns 364,841 shares of the industrial products company’s stock worth $9,277,000 after purchasing an additional 20,506 shares during the last quarter. Institutional investors own 85.76% 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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