Columbus McKinnon (NASDAQ:CMCO) Price Target Raised to $30.00

Columbus McKinnon (NASDAQ:CMCO) had its price target boosted by JPMorgan Chase & Co. from $29.00 to $30.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

A number of other research firms also recently commented on CMCO. Weiss Ratings reiterated a “sell (d-)” rating on shares of Columbus McKinnon in a report on Thursday, October 29th. Zacks Research cut Columbus McKinnon from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $23.50.

Columbus McKinnon Trading Up 6.6%

Shares of CMCO traded up $1.09 on Wednesday, reaching $17.62. 399,683 shares of the company’s stock were exchanged, compared to its average volume of 406,408. The company has a current ratio of 2.00, a quick ratio of 1.00 and a debt-to-equity ratio of 3.95. The stock has a market capitalization of $508.51 million, a P/E ratio of -2.10 and a beta of 1.49. The business has a 50 day moving average price of $16.24 and a two-hundred day moving average price of $16.49. Columbus McKinnon has a 12 month low of $11.99 and a 12 month high of $24.40.

Columbus McKinnon (NASDAQ:CMCO) last announced its quarterly earnings data on Tuesday, November 3rd. The industrial products company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.23. The firm had revenue of $539.29 million for the quarter, compared to analysts’ expectations of $518.65 million. Columbus McKinnon had a negative net margin of 21.25% and a positive return on equity of 10.02%. The business’s revenue for the quarter was up 106.6% on a year-over-year basis. During the same period last year, the firm earned $0.62 earnings per share. Research analysts anticipate that Columbus McKinnon will post 2.08 earnings per share for the current year.

Columbus McKinnon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Friday, November 6th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Friday, November 6th. This represents a $0.28 annualized dividend and a dividend yield of 1.6%. Columbus McKinnon’s payout ratio is -3.34%.

Insider Activity at Columbus McKinnon

In other Columbus McKinnon news, Director Christopher Stephens acquired 2,750 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The shares were acquired at an average price of $17.14 per share, with a total value of $47,135.00. Following the purchase, the director owned 22,317 shares of the company’s stock, valued at $382,513.38. This represents a 14.05% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Columbus McKinnon

Several large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its position in Columbus McKinnon by 4.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 88,459 shares of the industrial products company’s stock valued at $1,410,000 after acquiring an additional 3,596 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Columbus McKinnon during the second quarter worth about $29,000. Squarepoint Ops LLC bought a new position in shares of Columbus McKinnon during the second quarter worth about $1,225,000. Readystate Asset Management LP acquired a new stake in Columbus McKinnon in the 2nd quarter valued at approximately $675,000. Finally, Van Den Berg Management I Inc. lifted its stake in Columbus McKinnon by 11.8% in the 2nd quarter. Van Den Berg Management I Inc. now owns 534,610 shares of the industrial products company’s stock valued at $8,089,000 after acquiring an additional 56,282 shares in the last quarter. 95.96% of the stock is currently owned by institutional investors.

About Columbus McKinnon

Columbus McKinnon Corporation is a global manufacturer of intelligent motion solutions and lifting equipment. The company designs and supplies products used to move, lift, position and secure materials in industrial, commercial and infrastructure applications.

Its product portfolio includes electric and manual hoists, overhead cranes, winches, actuators, rigging equipment, load-positioning systems, crane controls and safety systems. Columbus McKinnon also offers automation technologies and software intended to improve the efficiency, safety and control of material-handling operations.