Zacks Investment Research upgraded shares of Columbus McKinnon (NASDAQ:CMCO) from a strong sell rating to a hold rating in a research note released on Tuesday morning, Zacks.com reports.
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 stock. Dougherty & Co reiterated a buy rating on shares of Columbus McKinnon in a research note on Friday, November 8th. ValuEngine cut shares of Columbus McKinnon from a hold rating to a sell rating in a research note on Friday, January 3rd. Barrington Research initiated coverage on shares of Columbus McKinnon in a research note on Tuesday, December 17th. They issued an outperform rating and a $50.00 target price for the company. Finally, BidaskClub cut shares of Columbus McKinnon from a hold rating to a sell rating in a research note on Wednesday, December 25th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $45.67.
CMCO stock opened at $37.73 on Tuesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.73 and a quick ratio of 1.05. Columbus McKinnon has a 52-week low of $30.76 and a 52-week high of $43.09. The company has a 50-day moving average of $40.10 and a two-hundred day moving average of $38.08. The stock has a market capitalization of $915.01 million, a price-to-earnings ratio of 13.56, a price-to-earnings-growth ratio of 1.35 and a beta of 1.74.
Columbus McKinnon (NASDAQ:CMCO) last released its earnings results on Thursday, November 7th. The industrial products company reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.05. Columbus McKinnon had a net margin of 6.34% and a return on equity of 15.40%. The business had revenue of $207.60 million during the quarter, compared to analysts’ expectations of $206.68 million. During the same quarter last year, the company earned $0.70 earnings per share. The firm’s revenue was down 4.5% on a year-over-year basis. Equities analysts expect that Columbus McKinnon will post 2.86 EPS for the current fiscal year.
In related news, VP Peter M. Mccormick sold 4,361 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $41.63, for a total value of $181,548.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Mark R. Paradowski sold 1,296 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $39.83, for a total transaction of $51,619.68. In the last quarter, insiders sold 18,503 shares of company stock valued at $738,459. 2.39% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Columbus McKinnon by 59.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,557 shares of the industrial products company’s stock worth $57,000 after purchasing an additional 580 shares during the period. Acadian Asset Management LLC bought a new position in Columbus McKinnon during the second quarter worth about $65,000. First Mercantile Trust Co. lifted its stake in Columbus McKinnon by 11.6% during the third quarter. First Mercantile Trust Co. now owns 3,278 shares of the industrial products company’s stock worth $119,000 after purchasing an additional 340 shares during the period. Convergence Investment Partners LLC bought a new position in Columbus McKinnon during the third quarter worth about $146,000. Finally, Synovus Financial Corp bought a new position in Columbus McKinnon during the third quarter worth about $242,000. Hedge funds and other institutional investors own 99.23% of the company’s stock.
About Columbus McKinnon
Columbus McKinnon Corporation designs, manufactures, and markets hoists, actuators, cranes, rigging tools, digital power control systems, and other material handling products for commercial and industrial applications worldwide. It offers various electric chain hoists, electric wire rope hoists, hand-operated hoists, winches, lever tools, and air-powered hoists under the Budgit, Chester, CM, Coffing, Little Mule, Pfaff, Shaw-Box, Yale, STAHL, and other brands; below-the-hook tooling, clamps, and textile strappings; and explosion-protected hoists, as well as supplies hoist trolleys.
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