Columbus McKinnon (NASDAQ:CMCO) Price Target Cut to $27.00 by Analysts at JPMorgan Chase & Co.

Columbus McKinnon (NASDAQ:CMCO) had its price target dropped by research analysts at JPMorgan Chase & Co. from $29.00 to $27.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 37.39% from the company’s previous close.

A number of other research analysts have also recently issued reports on CMCO. Zacks Research cut shares of Columbus McKinnon from a “hold” rating to a “strong sell” rating in a research note on Friday, February 13th. Wall Street Zen downgraded Columbus McKinnon from a “strong-buy” rating to a “buy” rating in a report on Friday, January 23rd. CJS Securities raised Columbus McKinnon to a “strong-buy” rating in a report on Thursday, December 11th. Finally, DA Davidson set a $20.00 price objective on Columbus McKinnon in a research note on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $23.50.

Columbus McKinnon Price Performance

CMCO stock traded down $0.21 during midday trading on Wednesday, reaching $19.65. The company had a trading volume of 76,200 shares, compared to its average volume of 458,920. The company has a market capitalization of $564.78 million, a price-to-earnings ratio of 93.79 and a beta of 1.33. The stock has a 50 day moving average price of $19.61 and a 200-day moving average price of $16.73. Columbus McKinnon has a 1-year low of $11.78 and a 1-year high of $24.40. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.83 and a quick ratio of 0.99.

Columbus McKinnon (NASDAQ:CMCO) last announced its quarterly earnings data on Monday, February 9th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. Columbus McKinnon had a net margin of 0.60% and a return on equity of 7.41%. The firm had revenue of $258.66 million for the quarter, compared to the consensus estimate of $241.60 million. During the same period in the prior year, the company posted $0.56 earnings per share. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. Equities research analysts expect that Columbus McKinnon will post 2.69 earnings per share for the current year.

Insider Activity at Columbus McKinnon

In related news, insider Jon Adams sold 5,185 shares of the business’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $23.28, for a total value of $120,706.80. Following the transaction, the insider owned 9,366 shares in the company, valued at $218,040.48. The trade was a 35.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.26% of the company’s stock.

Institutional Trading of Columbus McKinnon

Several large investors have recently modified their holdings of CMCO. Vanguard Group Inc. boosted its stake in Columbus McKinnon by 3.4% during the third quarter. Vanguard Group Inc. now owns 1,873,995 shares of the industrial products company’s stock worth $26,873,000 after acquiring an additional 62,267 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Columbus McKinnon by 22.6% during the third quarter. Invesco Ltd. now owns 1,451,885 shares of the industrial products company’s stock valued at $20,820,000 after acquiring an additional 267,585 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Columbus McKinnon by 76.8% in the 4th quarter. AQR Capital Management LLC now owns 1,108,462 shares of the industrial products company’s stock worth $19,121,000 after purchasing an additional 481,470 shares in the last quarter. Millennium Management LLC increased its stake in Columbus McKinnon by 80.3% during the 3rd quarter. Millennium Management LLC now owns 850,951 shares of the industrial products company’s stock valued at $12,203,000 after purchasing an additional 379,096 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Columbus McKinnon by 100.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 829,875 shares of the industrial products company’s stock valued at $11,900,000 after buying an additional 415,275 shares during the last quarter. Institutional investors and hedge funds own 95.96% of the company’s stock.

About Columbus McKinnon

Columbus McKinnon Corporation is a global designer, manufacturer and marketer of material handling systems and solutions. The company’s product portfolio spans electric and manual hoists, motorized and manual chain and wire rope hoists, end-of-arm tooling, rigging hardware, trolleys and controls. Through its brands, Columbus McKinnon serves customers across a wide range of end markets including manufacturing, warehousing, construction, and energy, providing equipment for lifting, positioning and flow control applications.

With a focus on safety and productivity, Columbus McKinnon integrates advanced technologies such as automation controls, digital load monitoring and Internet-of-Things connectivity into its hoist and crane systems.