JPMorgan Chase & Co. Cuts Columbus McKinnon (NASDAQ:CMCO) Price Target to $27.00

Columbus McKinnon (NASDAQ:CMCO) had its target price lowered by JPMorgan Chase & Co. from $29.00 to $27.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

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

Columbus McKinnon Price Performance

Shares of CMCO stock opened at $19.10 on Wednesday. Columbus McKinnon has a 1 year low of $11.78 and a 1 year high of $24.40. The firm’s 50 day moving average is $19.69 and its 200-day moving average is $16.80. The firm has a market capitalization of $548.91 million, a price-to-earnings ratio of 90.95 and a beta of 1.33. The company has a current ratio of 1.83, a quick ratio of 0.99 and a debt-to-equity ratio of 0.43.

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

Columbus McKinnon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 23rd. Stockholders of record on Friday, February 13th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, February 13th. Columbus McKinnon’s dividend payout ratio is 133.33%.

Insider Buying and Selling

In related news, insider Jon Adams sold 5,185 shares of the company’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 completion of the transaction, the insider directly owned 9,366 shares of the company’s stock, valued at approximately $218,040.48. This represents a 35.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Columbus McKinnon

Hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. boosted its position in Columbus McKinnon by 0.4% during the 4th quarter. Invesco Ltd. now owns 1,457,095 shares of the industrial products company’s stock worth $25,135,000 after acquiring an additional 5,210 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in Columbus McKinnon during the fourth quarter worth $273,000. Front Street Capital Management Inc. grew its position in Columbus McKinnon by 2.4% in the fourth quarter. Front Street Capital Management Inc. now owns 213,785 shares of the industrial products company’s stock valued at $3,688,000 after purchasing an additional 4,918 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in Columbus McKinnon in the 4th quarter valued at $2,001,000. Finally, Empowered Funds LLC lifted its position in Columbus McKinnon by 156.2% during the 4th quarter. Empowered Funds LLC now owns 117,778 shares of the industrial products company’s stock worth $2,032,000 after buying an additional 71,813 shares in 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.