Zacks Investment Research upgraded shares of Columbus McKinnon Corp. (NASDAQ:CMCO) from a hold rating to a buy rating in a report published on Monday. They currently have $19.00 price target on the 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. “
Columbus McKinnon Corp. (NASDAQ:CMCO) opened at 17.70 on Monday. The firm’s 50-day moving average is $17.39 and its 200 day moving average is $16.00. The firm has a market cap of $357.45 million, a PE ratio of 18.83 and a beta of 2.16. Columbus McKinnon Corp. has a 12-month low of $12.62 and a 12-month high of $21.63.
Columbus McKinnon Corp. (NASDAQ:CMCO) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. The firm had revenue of $149 million for the quarter, compared to the consensus estimate of $148.52 million. Columbus McKinnon Corp. had a return on equity of 10.20% and a net margin of 3.13%. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.34 EPS. Equities research analysts predict that Columbus McKinnon Corp. will post $1.42 EPS for the current year.
In other news, VP Alan S. Korman sold 2,000 shares of the company’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $17.91, for a total value of $35,820.00. Following the transaction, the vice president now owns 16,142 shares in the company, valued at approximately $289,103.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.78% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada increased its position in shares of Columbus McKinnon Corp. by 2.3% in the first quarter. Royal Bank of Canada now owns 2,628,577 shares of the company’s stock worth $41,426,000 after buying an additional 59,860 shares in the last quarter. Aristotle Capital Boston LLC increased its position in shares of Columbus McKinnon Corp. by 3.1% in the second quarter. Aristotle Capital Boston LLC now owns 244,766 shares of the company’s stock worth $3,463,000 after buying an additional 7,249 shares in the last quarter. Foundry Partners LLC increased its position in shares of Columbus McKinnon Corp. by 15.9% in the second quarter. Foundry Partners LLC now owns 217,705 shares of the company’s stock worth $3,081,000 after buying an additional 29,885 shares in the last quarter. Skyline Asset Management LP increased its position in shares of Columbus McKinnon Corp. by 41.0% in the first quarter. Skyline Asset Management LP now owns 570,650 shares of the company’s stock worth $8,993,000 after buying an additional 166,000 shares in the last quarter. Finally, LSV Asset Management increased its position in shares of Columbus McKinnon Corp. by 4.9% in the second quarter. LSV Asset Management now owns 561,171 shares of the company’s stock worth $7,940,000 after buying an additional 26,332 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.
About Columbus McKinnon Corp.
Columbus McKinnon Corporation is a global designer, manufacturer and marketer of hoists, rigging tools, cranes, actuators and other material handling products serving a range of commercial and industrial end user markets. The Company’s products include a range of 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.
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