Columbus McKinnon (NASDAQ:CMCO) Trading Up 6.2% – Here’s Why

Columbus McKinnon Corporation (NASDAQ:CMCO)’s stock price rose 6.2% on Wednesday . The company traded as high as $21.09 and last traded at $21.28. 87,362 shares traded hands during trading, a decline of 63% from the average daily volume of 235,564 shares. The stock had previously closed at $20.03.

Analysts Set New Price Targets

CMCO has been the subject of a number of research reports. CJS Securities raised shares of Columbus McKinnon to a “strong-buy” rating in a research note on Thursday, December 11th. Wall Street Zen upgraded Columbus McKinnon from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 6th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Columbus McKinnon in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $35.00.

Columbus McKinnon Trading Up 2.8%

The company has a current ratio of 1.81, a quick ratio of 0.99 and a debt-to-equity ratio of 0.45. The company has a fifty day moving average price of $16.95 and a two-hundred day moving average price of $15.77. The firm has a market capitalization of $591.84 million, a price-to-earnings ratio of 146.90 and a beta of 1.29.

Columbus McKinnon (NASDAQ:CMCO) last announced its quarterly earnings data on Thursday, October 30th. The industrial products company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. Columbus McKinnon had a return on equity of 7.33% and a net margin of 0.41%.The firm had revenue of $261.05 million for the quarter, compared to the consensus estimate of $240.63 million. During the same quarter last year, the business posted $0.70 earnings per share. The firm’s revenue was up 7.7% compared to the same quarter last year. As a group, research analysts forecast that Columbus McKinnon Corporation will post 2.69 earnings per share for the current fiscal year.

Columbus McKinnon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Friday, November 7th were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Friday, November 7th. Columbus McKinnon’s payout ratio is currently 200.00%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Simplex Trading LLC increased its position in shares of Columbus McKinnon by 782.2% in the 2nd quarter. Simplex Trading LLC now owns 1,685 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 1,932 shares during the last quarter. Group One Trading LLC grew its stake in shares of Columbus McKinnon by 266.7% during the third quarter. Group One Trading LLC now owns 2,200 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 1,600 shares in the last quarter. Wilmington Savings Fund Society FSB increased its holdings in Columbus McKinnon by 66.7% in the third quarter. Wilmington Savings Fund Society FSB now owns 2,500 shares of the industrial products company’s stock valued at $36,000 after buying an additional 1,000 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Columbus McKinnon by 267.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,600 shares of the industrial products company’s stock valued at $40,000 after buying an additional 1,893 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in Columbus McKinnon during the 2nd quarter worth about $58,000. 95.96% of the stock is owned by institutional investors and hedge funds.

Columbus McKinnon Company Profile

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.