Readystate Asset Management LP Takes Position in Columbus McKinnon Corporation $CMCO

Readystate Asset Management LP purchased a new position in Columbus McKinnon Corporation (NASDAQ:CMCO) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 44,632 shares of the industrial products company’s stock, valued at approximately $675,000. Readystate Asset Management LP owned about 0.15% of Columbus McKinnon as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of CMCO. AQR Capital Management LLC increased its holdings in shares of Columbus McKinnon by 32.4% in the 1st quarter. AQR Capital Management LLC now owns 123,498 shares of the industrial products company’s stock worth $2,091,000 after buying an additional 30,255 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Columbus McKinnon by 5.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 220,847 shares of the industrial products company’s stock valued at $3,739,000 after acquiring an additional 10,780 shares during the last quarter. Russell Investments Group Ltd. grew its position in Columbus McKinnon by 1,222.6% in the second quarter. Russell Investments Group Ltd. now owns 17,696 shares of the industrial products company’s stock worth $270,000 after acquiring an additional 16,358 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Columbus McKinnon in the second quarter worth about $1,658,000. Finally, Marshall Wace LLP bought a new stake in Columbus McKinnon during the second quarter worth approximately $1,390,000. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Insider Transactions at Columbus McKinnon

In related news, EVP John R. Linker acquired 7,500 shares of the stock in a transaction on Friday, July 31st. The stock was bought at an average cost of $19.67 per share, with a total value of $147,525.00. Following the transaction, the executive vice president directly owned 7,500 shares in the company, valued at approximately $147,525. This represents a ? increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Christopher J. Stephens bought 2,750 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was bought at an average price of $17.14 per share, for a total transaction of $47,135.00. Following the completion of the purchase, the director directly owned 22,317 shares in the company, valued at approximately $382,513.38. This represents a 14.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 2.09% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CMCO shares. Zacks Research raised Columbus McKinnon from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. JPMorgan Chase & Co. increased their price target on Columbus McKinnon from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, July 31st. DA Davidson lowered their price target on Columbus McKinnon from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Monday, June 15th. Weiss Ratings lowered shares of Columbus McKinnon from a “sell (d)” rating to a “sell (d-)” rating in a research note on Friday, July 31st. Finally, Wall Street Zen downgraded shares of Columbus McKinnon from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Columbus McKinnon Stock Performance

Shares of NASDAQ CMCO opened at $18.84 on Tuesday. The company has a debt-to-equity ratio of 3.95, a quick ratio of 1.00 and a current ratio of 2.00. The business’s 50 day moving average price is $16.91 and its 200-day moving average price is $15.94. Columbus McKinnon Corporation has a fifty-two week low of $11.99 and a fifty-two week high of $24.40. The company has a market cap of $543.72 million, a price-to-earnings ratio of -2.53 and a beta of 1.36.

Columbus McKinnon (NASDAQ:CMCO) last posted its quarterly earnings data on Thursday, July 30th. The industrial products company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.34. The company had revenue of $531.46 million during the quarter, compared to analysts’ expectations of $501.27 million. Columbus McKinnon had a positive return on equity of 10.02% and a negative net margin of 21.25%.Columbus McKinnon’s revenue was up 125.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.50 EPS. Columbus McKinnon has set its FY 2027 guidance at 1.900-2.100 EPS. On average, sell-side analysts expect that Columbus McKinnon Corporation will post 2.05 earnings per share for the current year.

Columbus McKinnon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, August 7th were paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, August 7th. Columbus McKinnon’s payout ratio is currently -3.75%.

Columbus McKinnon 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.