Columbus McKinnon (NASDAQ:CMCO) Stock Dropped to Hold by Zacks Research

Zacks Research cut shares of Columbus McKinnon (NASDAQ:CMCO) from a strong-buy rating to a hold rating in a research report report published on Tuesday morning,Zacks reports.

Several other equities analysts also recently commented on the company. JPMorgan Chase & Co. upped their price objective on Columbus McKinnon from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. DA Davidson decreased their target price 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. Wall Street Zen lowered Columbus McKinnon from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. Finally, Weiss Ratings cut Columbus McKinnon from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $23.00.

Columbus McKinnon Stock Performance

CMCO stock opened at $16.16 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 2.00 and a debt-to-equity ratio of 3.95. The firm has a market cap of $466.38 million, a PE ratio of -2.17 and a beta of 1.43. The business has a 50 day moving average of $17.85 and a 200-day moving average of $15.82. Columbus McKinnon has a 12-month low of $11.99 and a 12-month high of $24.40.

Columbus McKinnon (NASDAQ:CMCO) last issued its quarterly earnings results on Thursday, July 30th. The industrial products company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.34. The business had revenue of $531.46 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 125.3% compared to the same quarter last year. During the same period last year, the company posted $0.50 earnings per share. Columbus McKinnon has set its FY 2027 guidance at 1.900-2.100 EPS. As a group, sell-side analysts expect that Columbus McKinnon will post 2 earnings per share for the current year.

Columbus McKinnon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 17th. Investors 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 1.7%. The ex-dividend date was Friday, August 7th. Columbus McKinnon’s dividend payout ratio is presently -3.75%.

Insider Activity at Columbus McKinnon

In other Columbus McKinnon news, Director Christopher J. Stephens bought 2,750 shares of the stock in a transaction on Thursday, August 20th. The shares were acquired at an average price of $17.14 per share, with a total value of $47,135.00. Following the acquisition, the director directly owned 22,317 shares of the company’s stock, valued at $382,513.38. The trade was a 14.05% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John R. Linker bought 7,500 shares of the company’s stock in a transaction on Friday, July 31st. The shares were bought at an average price of $19.67 per share, for a total transaction of $147,525.00. Following the transaction, the executive vice president owned 7,500 shares of the company’s stock, valued at approximately $147,525. This represents a ? increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.09% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Columbus McKinnon

A number of large investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio purchased a new stake in Columbus McKinnon during the 2nd quarter worth about $25,000. Integrated Wealth Concepts LLC bought a new position in Columbus McKinnon in the 2nd quarter worth about $29,000. Legal & General Group Plc purchased a new position in Columbus McKinnon during the 2nd quarter valued at about $44,000. State of Wyoming purchased a new position in Columbus McKinnon during the 2nd quarter valued at about $66,000. Finally, Strs Ohio increased its position in shares of Columbus McKinnon by 88.9% during the first quarter. Strs Ohio now owns 17,000 shares of the industrial products company’s stock valued at $247,000 after buying an additional 8,000 shares during the period. 95.96% of the stock is owned by institutional investors.

About Columbus McKinnon

Columbus McKinnon Corporation is a global designer, manufacturer and supplier of intelligent motion solutions used to move, lift, position and secure materials. The company serves industrial, commercial and infrastructure customers with equipment and systems intended to improve material handling, workplace safety and operational efficiency.

Its product portfolio includes electric and manual hoists, cranes and crane components, rigging equipment, actuators, motion-control systems, automated lifting solutions and related software and services.