Columbus McKinnon (NASDAQ:CMCO) Shares Gap Up Following Strong Earnings

Columbus McKinnon Corporation (NASDAQ:CMCO)’s stock price gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $15.76, but opened at $18.46. Columbus McKinnon shares last traded at $18.12, with a volume of 146,402 shares changing hands.

The industrial products company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.23. The company had revenue of $539.29 million during the quarter, compared to the consensus estimate of $518.65 million. Columbus McKinnon had a positive return on equity of 10.02% and a negative net margin of 21.25%. Columbus McKinnon’s quarterly revenue was up 106.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.62 earnings per share.

Columbus McKinnon Announces Dividend

The company also recently disclosed 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 is Friday, November 6th. This represents a $0.28 annualized dividend and a dividend yield of 1.5%. Columbus McKinnon’s dividend payout ratio is -3.75%.

Wall Street Analysts Forecast Growth

CMCO has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lifted their target price on Columbus McKinnon from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Weiss Ratings restated a “sell (d-)” rating on shares of Columbus McKinnon in a research report on Thursday. Finally, Zacks Research cut shares of Columbus McKinnon from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 6th. One investment 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 issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $23.00.

Insider Buying and Selling at Columbus McKinnon

In related news, Director Christopher Stephens acquired 2,750 shares of Columbus McKinnon stock in a transaction dated Thursday, August 20th. The stock was acquired at an average cost of $17.14 per share, with a total value of $47,135.00. Following the purchase, the director directly owned 22,317 shares in the company, valued at $382,513.38. The trade was a 14.05% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Columbus McKinnon

Several hedge funds have recently modified their holdings of CMCO. Sei Investments Co. boosted its position in shares of Columbus McKinnon by 89.5% in the first quarter. Sei Investments Co. now owns 186,969 shares of the industrial products company’s stock worth $2,717,000 after buying an additional 88,285 shares during the period. BlackRock Inc. purchased a new stake in shares of Columbus McKinnon during the second quarter worth $37,183,000. Bank of America Corp DE purchased a new stake in shares of Columbus McKinnon during the second quarter worth $1,205,000. Stanley Capital Management LLC acquired a new stake in Columbus McKinnon during the second quarter valued at $12,936,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Columbus McKinnon during the second quarter valued at $1,158,000. 95.96% of the stock is owned by hedge funds and other institutional investors.

Columbus McKinnon Price Performance

The stock has a 50 day moving average price of $16.27 and a two-hundred day moving average price of $16.55. The company has a market capitalization of $527.27 million, a PE ratio of -2.46 and a beta of 1.43. The company has a debt-to-equity ratio of 3.95, a quick ratio of 1.00 and a current ratio of 2.00.

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.