BidaskClub Upgrades Columbus McKinnon (NASDAQ:CMCO) to “Hold”

BidaskClub upgraded shares of Columbus McKinnon (NASDAQ:CMCO) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning, BidAskClub reports.

Several other research firms have also recently issued reports on CMCO. Sidoti lowered their target price on shares of Columbus McKinnon from $57.00 to $55.00 and set a buy rating on the stock in a research note on Tuesday, August 27th. Zacks Investment Research cut shares of Columbus McKinnon from a hold rating to a sell rating in a research note on Monday, November 11th. ValuEngine upgraded shares of Columbus McKinnon from a sell rating to a hold rating in a research note on Friday, November 8th. Finally, Dougherty & Co reiterated a buy rating on shares of Columbus McKinnon in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Columbus McKinnon presently has an average rating of Hold and an average target price of $44.80.

CMCO opened at $39.14 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.73. The stock has a market capitalization of $901.99 million, a P/E ratio of 13.37 and a beta of 1.76. The company’s 50-day simple moving average is $39.88 and its two-hundred day simple moving average is $37.83. Columbus McKinnon has a 52-week low of $27.66 and a 52-week high of $43.09.

Columbus McKinnon (NASDAQ:CMCO) last posted its earnings results on Thursday, November 7th. The industrial products company reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.05. The business had revenue of $207.60 million for the quarter, compared to analysts’ expectations of $206.68 million. Columbus McKinnon had a net margin of 6.34% and a return on equity of 15.40%. The business’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 EPS. Research analysts forecast that Columbus McKinnon will post 2.86 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 18th. Stockholders of record on Friday, November 8th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.61%. The ex-dividend date of this dividend was Thursday, November 7th. Columbus McKinnon’s dividend payout ratio (DPR) is presently 8.76%.

In other news, VP Kurt F. Wozniak sold 6,989 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $39.64, for a total value of $277,043.96. Following the transaction, the vice president now owns 37,896 shares in the company, valued at approximately $1,502,197.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark R. Paradowski sold 1,296 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $39.83, for a total transaction of $51,619.68. Insiders sold a total of 18,503 shares of company stock worth $738,459 in the last quarter. Company insiders own 2.39% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CMCO. FMR LLC raised its stake in Columbus McKinnon by 35.8% during the 1st quarter. FMR LLC now owns 636,200 shares of the industrial products company’s stock worth $21,853,000 after acquiring an additional 167,700 shares during the period. Nuveen Asset Management LLC bought a new stake in Columbus McKinnon during the 2nd quarter worth approximately $6,465,000. Wells Fargo & Company MN raised its stake in Columbus McKinnon by 105.7% during the 2nd quarter. Wells Fargo & Company MN now owns 239,710 shares of the industrial products company’s stock worth $10,060,000 after acquiring an additional 123,155 shares during the period. Eagle Asset Management Inc. bought a new stake in Columbus McKinnon during the 2nd quarter worth approximately $5,110,000. Finally, Morgan Stanley raised its stake in Columbus McKinnon by 244.7% during the 2nd quarter. Morgan Stanley now owns 164,523 shares of the industrial products company’s stock worth $6,905,000 after acquiring an additional 116,788 shares during the period. Institutional investors own 99.84% of the company’s stock.

About Columbus McKinnon

Columbus McKinnon Corporation designs, manufactures, and markets hoists, actuators, cranes, rigging tools, digital power control systems, and other material handling products for commercial and industrial applications worldwide. It offers various electric chain hoists, electric wire rope hoists, hand-operated hoists, winches, lever tools, and air-powered hoists under the Budgit, Chester, CM, Coffing, Little Mule, Pfaff, Shaw-Box, Yale, STAHL, and other brands; below-the-hook tooling, clamps, and textile strappings; and explosion-protected hoists, as well as supplies hoist trolleys.

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